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Curbs on gold in the offing?
The Central government may impose more curbs on domestic holdings of gold as Prime Minister Narendra Modi intensifies his fight against black money, news agency NewsRise reported, citing an unnamed Finance ministry official. NewsRise did not provide further details.
New Delhi: The Central government may impose more curbs on domestic holdings of gold as Prime Minister Narendra Modi intensifies his 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.
Gold premiums in the country jumped to two-year highs this week as jewellers ramped up purchases on fears that the government might put curbs on imports after the ban on Rs 500 and Rs 1000 currency notes.
If the move of imposing curbs on domestic gold holdings sees the light of the day, it is certain to further jolt the black money holders, who are still reeling under the demonetisation stir.
