STAFF NEWS & ANALYSIS
India Bans Cash, Now Gold?
By Daily Bell Staff – November 16, 2016
India gold import ban rumored … The Indian Bullion and Jewellers Association has warned members of a potential gold import ban … The association told Indian media the move could come by March 31 as part of the government’s ‘black money’ crackdown. –Mining Journal
Prime minister Narendra Modi recently decided to confiscate the cash of hundreds of millions of Indians, and now he may forbid Indians from importing gold.
This would have an immediate effect on gold supplies as India, despite the affinity of citizens for gold and silver, has very little in the way of domestic mining.
In part, this is because the government itself is consistently at war with Indian citizens over money and its control. This struggle has most recently manifested itself in India’s decision to