{"id":24244,"date":"2017-06-26T13:49:54","date_gmt":"2017-06-26T18:49:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=24244"},"modified":"2017-06-26T13:49:54","modified_gmt":"2017-06-26T18:49:54","slug":"first-india-bans-cash-now-its-targeting-gold","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=24244","title":{"rendered":"First India Bans Cash, Now It\u2019s Targeting Gold"},"content":{"rendered":"
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First India Bans Cash, Now It\u2019s Targeting Gold<\/a><\/h3>\n<\/header>\n

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In November of last year, India banned certain cash notes<\/a>\u00a0in a bold move to force businesses into the banking system to better harvest more taxes from its livestock. Now, under the guise of \u201cimproving transparency\u201d and forming a \u201ccommon market,\u201d India has begun targeting gold with new taxes, regulation, and incentives for citizens to turn over their undeclared gold\u00a0to the financial sector.<\/p>\n

Roughly 86% of India\u2019s economic activity happened in cash<\/a> at the time much of it was banned. Presumably that includes the $19-billion-per-year retail gold industry. Again, it appears that India\u2019s government (central bankers) wants a bigger cut of the action and to better track the private assets of citizens.<\/p>\n

Bloomberg<\/em> has been\u00a0reporting that India\u2019s government is teaming up with crony gold dealers to plan a complete revamp of its gold policy \u2013 which is always code for \u201ccontrol, regulate and tax.\u201d<\/p>\n

Bloomberg<\/em> reports<\/a>:<\/p>\n

India, which vies with China as the top consumer of bullion, is working on new policies to improve transparency and help expand its $19 billion gold jewelry industry, according to people with knowledge of the matter.<\/p>\n

The plans being worked out by the finance and commerce ministries along with industry groups should be finalized by the end of March, the people said, asking not to be identified because they aren\u2019t authorized to speak publicly\u2026.<\/p>\n

The start of a spot bullion exchange<\/strong>, to make gold supply more transparent and help enforce purity standards, is under consideration, the people said. An import tax of 10 percent could<\/em> also be reduced<\/strong> as the government seeks to eliminate smuggling, they said. The plans also include a dedicated bank for the jewelry industry<\/strong>, according to one of the people.<\/p><\/blockquote>\n

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…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

First India Bans Cash, Now It\u2019s Targeting Gold   In November of last year, India banned certain cash notes\u00a0in a bold move to force businesses into the banking system to better harvest more taxes from its livestock. Now, under the guise of \u201cimproving transparency\u201d and forming a \u201ccommon market,\u201d India has begun targeting gold with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[8126,1035,1034,374,422,15432,783],"class_list":["post-24244","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-activist-post","tag-cash","tag-cashless-society","tag-gold","tag-india","tag-jeff-paul","tag-taxes"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24244"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24244\/revisions"}],"predecessor-version":[{"id":24245,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24244\/revisions\/24245"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}