“Gold Is Now Effectively Illegal” In India – The Consequences Of Creating A Cashless Society
Jayant Bhandari warns “there are clear signs that in a very convoluted way, possession of gold for investment purposes will be made illegal” as he discusses India’s attempts to create a cashless society (and consequences of it) and why precious metals and geographical diversification are the most viable options investors around the world, not just India, should be taking.
“The situation is getting worse by the day… people are desperate”
Jayant provides the clearest explanation of where India is (and where it is going) in the brief interview with ProvenAndProbable.com’s Maurice Jackson …
There are clear signs that in a very convoluted way, possession of gold for investment purposes will be made illegal. Expect capital controls to follow.
Gold Bullion Is Now Effectively Illegal
Assaults on people’s private property and the integrity of their homes through tax-raids continue. In a recent notification, government has made it clear that any ownership of jewelry above 500 grams of gold per married woman will be put under the microscopic scrutiny of tax authorities.
Steep taxes and penalties will be imposed on those who cannot prove the source of their gold. In India’s Orwellian new-speak this means that because bullion has not been explicitly mentioned, its ownership will be deemed to be illegal. Courts will do what Modi wants. Huge bribes will have to be paid.
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