India and Gold
Snippet:
Indian citizens should be alert to what is going on behind the scenes, and western observers should follow this story carefully. The Indian government is on course to do what every government does to get its citizens' gold, by fair means initially and foul when fairness fails. Once their gold has gone into the government coffers, the Indian people will never ever see it again.
Author(s):
Alasdair MacleodThe Indian government made headlines recently with its attempts to obtain possession of the gold held by its citizens.
It claims it is in the national interest to restrict gold imports, which would reduce India's trade deficit. Accordingly, Indians are being asked to deposit their physical gold in the banks for a promised yield of 2½%.
Thursday, December 10th
First published here: India and Gold
