No. of views : (3389)
Indian government may impose curbs on domestic holdings of gold
Posted on: 26/Nov/2016 10:30:04 AM
After demonetizing the 500 and 1000 rupee notes, it has been mentioned that there will be curb in the domestic gold.
The said notes were made invalid to banish the fake notes. People are now depositing their old notes in their banks.
At this juncture, the Indian government may impose curbs on domestic holdings of gold as Prime Minister Narendra Modi intensifies his fight against black money. A finance ministry spokesman declined to comment.
Gold premiums jumped high last week as jewellers ramped up purchases on fears that the Indian government may restrict imports after withdrawing higher-denomination rupee notes from circulation in a war on 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. An official said after the demonetization of currencies gold smuggling has come down.
For more inquiries please contact:
