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Union govt may impose curbs on domestic gold holdings: Report

  •   Fri, Nov 25 2016 06:41:17 PM

New Delhi, Nov 25 (Reuters): The Centre may impose curbs on domestic holdings of gold as Prime Minister Narendra Modi intensifies a fight against "black money", news agency NewsRise reported, citing an unnamed finance ministry official.

NewsRise did not provide further details. A finance ministry spokesman declined to comment on the report.

Gold premiums in India jumped to two-year highs last week as jewellers ramped up purchases on fears the government might restrict imports after withdrawing higher-denomination notes from circulation in its fight against black money.

India is the world's second biggest gold buyer, and it is estimated that one-third of its annual demand of up to 1,000 tonnes is paid for in black money - untaxed funds held in secret by citizens in cash that don't appear in any official accounts.

The move to withdraw higher denomination notes has already started to disrupt cash-based gold smuggling, officials have said.

Scrap gold supplies were also set to halve this quarter as the cash crunch and falling prices make it difficult for consumers to liquidate their holdings.
  

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Comment on this article

  • Harold D'cunha, Mangalore, India

    Sat, Nov 26 2016

    All the BJP followers and bakhts be happy.

    The man who has left his own wife and later denied it, no children, no family, How he can understand the difficulties of the family.

    Demonitisation is a failure. IT has not controlled black money but gave room for breeding black money too. If they come for curtailing the possession of gold, again, it will lead disastrous for the families and for the society.

    DisAgree [13] Agree [27] Reply Report Abuse

  • Rems, Mangaluru

    Sat, Nov 26 2016

     Gold is not a good form of investment anyway. If the government doesn't take it, then you will lose it when the price comes crashing down.

    DisAgree [4] Agree [10] Reply Report Abuse

  • Rita, Germany

    Sat, Nov 26 2016

    People who earned their Money with hardships and bought Gold Need not worry much because it will not be above Standard.But who smuggled Gold from gulf and bought Gold with old currency have to shiver .But People know how to defend in India.

    DisAgree [10] Agree [24] Reply Report Abuse

  • Lydia Lobo, Kadri

    Fri, Nov 25 2016

    I congratulate PM Modi if this move will be implemented.

    As I did not have any black money, nor do I have any unaccounted-for or access stock of gold. I supported demonetisation for eradication of black money/terror funding but blasted its mismanagement /unplanned procedure.

    So, are you all Bhakhts joining me in praising the PM ??? Beware, just as you said (when I opposed demonetisation), those disagreeing with me will be the ones who hoard access gold.

    DisAgree [36] Agree [63] Reply Report Abuse

  • Valerian D'souza, Udupi / Mumbai

    Fri, Nov 25 2016

    People now have NO choice but to abide by the rules, IF Govt brings in Gold control.
    In such scenario, there CAN be limit to hold Gold.
    Excess may have to be deposited in Govt Gold bonds and give account of its source.
    Selling of gold by people may not be permitted.
    Then nobody will be able to sell unaccounted Gold legally.
    Illegal buyer will of course would pay far less for if caught will be punished and penalized.
    VIEWS IMMATERIAL. PEOPLE NOW HAVE CHOICE TO COMMENT AND FOLLOW GOVT ORDERS!

    DisAgree [4] Agree [20] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Nov 25 2016

    Now who is planning to escape India with the Loot ...

    DisAgree [8] Agree [38] Reply Report Abuse

  • j.anata, Mangaluru / Qatar

    Sat, Nov 26 2016

    Noose tightening on black money hoarders

    DisAgree [7] Agree [8] Reply Report Abuse

  • m, Mangalore

    Fri, Nov 25 2016

    Finance ministry has already confirmed that there is no such proposal now

    DisAgree [22] Agree [13] Reply Report Abuse

  • Rajeev S., Mangalore

    Fri, Nov 25 2016

    Collect excess gold accumulated by way of corruption and by exchanged from old notes. Make small paper thin coins worth same value. For smaller denomination coins can be made from bronze, copper aluminium and tin, so that we can go back to 65 years old currency style. So that we can save lot of money used for printing notes every few years.

    DisAgree [17] Agree [9] Reply Report Abuse

  • Vincent Rodrigues., Frazer Town,Bangalore

    Fri, Nov 25 2016

    Better to study the pros and cons of gold control and its effect on economy before imposing restriction

    DisAgree [8] Agree [24] Reply Report Abuse

  • Peter , Bangalore

    Fri, Nov 25 2016

    Financial policies of India changing daily basis.
    As mentioned by MMS, at the end all dead.

    DisAgree [11] Agree [59] Reply Report Abuse

  • ßryan, ßahrain

    Fri, Nov 25 2016

    India is become a rumour-filled society, everyday we hear new things...

    DisAgree [5] Agree [70] Reply Report Abuse

  • H.DSOUZA, KODAGU / MANGALORE

    Fri, Nov 25 2016

    WHO IS THIS UNKNOWN OFFICIAL?! AND NEWSRISE?? THESE ARE POST DEMONETIZATION GOOSEBUMPS IGNORE THEM.

    DisAgree [3] Agree [33] Reply Report Abuse

  • Bollu, Mangalore

    Fri, Nov 25 2016

    Everything is fine as long as BJP is not the sole beneficiary of all these methods.People may not have choice but to regret for electing BJP to power and believing Modi as messiah when they realise India has gone backwards by 65 years because of demonitisation. People desperately miss MM singh and UPA rule now.May be they were corrupt but common man was not devastated by the governments foolish decision to demonitise without planning overnight.Let us see how long hardcore Bhakths keep Modi floating.

    DisAgree [16] Agree [87] Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Fri, Nov 25 2016

    This is called " Subke saath sub ka Saththyanas'..

    DisAgree [17] Agree [108] Reply Report Abuse

  • Pinto, BLR

    Fri, Nov 25 2016


    Controlling gold holdings may have negative impact on prices which is like "shooting one's own foot" by the government.

    Recently issued Sovereign Gold Bonds under much fanfare may tumble giving MODI jitters.

    DisAgree [2] Agree [43] Reply Report Abuse

  • Ahmed, UAE

    Fri, Nov 25 2016

    I think they don't want to get elected again in 2019.

    DisAgree [18] Agree [118] Reply Report Abuse

  • Sunil K, Mangalore

    Fri, Nov 25 2016

    BJP is scoring self-goals. Jaitley has stated that all people that do not come in front of the camera are performers. So he is called his own PM a non-performer (NPA)?

    DisAgree [12] Agree [76] Reply Report Abuse

  • A. S. Mathew, U.S.

    Fri, Nov 25 2016

    The first and last chance. It is like Sadam Hussian set fire to the Kuwaiti oil wells before driven out from Kuwait which burned millions of barrels of oil, air pollution and millions to stop the fire.

    DisAgree [8] Agree [83] Reply Report Abuse

  • VALERIAN RODRIGUES, UJIRE

    Fri, Nov 25 2016

    STRICT TAX PAYMENT IS LIGHT OF DEVELOPMENT OF NATION.ANYBODY MAYBE WHO OPPOSES THE GOVERNMENT POLICY IN BLACK MONEY HE IS AGAINST OF OUR NATION.

    DisAgree [17] Agree [45] Reply Report Abuse


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