Potential gold import ban from india
- Thread starter billybob888
- Start date
Wow, the Indian government is really demonstrating to the world just how corrupt a government can become and how blatantly it will steal from it's own citizens. It should stand as a warning to the Western world about what happens when a country moves towards communism and the State begins harvesting private property for itself.
SilverTom said:
Perhaps it is a long bow but forced transfer of wealth and hence self determination from the population to the State is one of the building blocks of communism. Now that the entire cash savings of the poorest rural farmers has been deleted let's see what happens next.
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SilverTom
Member
As far as i can recall i've always had to pay tax and yet i've never lived in a communist country. If India wants to improve infrastructure it's going to have to raise tax revenue. India has a very low income tax base so clearly they're trying to reform how they go about taxing the population, this isn't communism, particularly when you consider the state of indian infrastructure. Nothing to do with communism at all
I suppose banning gold would be the next logical step after they banned the large denomination notes.
Im just waiting for the $200 drop, sell now and buy back later?
Im just waiting for the $200 drop, sell now and buy back later?
India faces huge hurdles if its economy is to grow substantially, one of which is a huge, complicated and inefficient government bureaucracy that is strangling infrastructure projects and business development. Working on joint Australia-India research projects was incredibly frustrating, because even when the funding was in place, the officials charged with disbursing it were always reluctant to actually spend it, partly due to enjoying the power it conferred on them, but also in fear of actually taking responsibility.
SilverTom said:
If you live in Australia you are living in an increasingly socialist country and your government is also implementing its own plan for the removal of cash and the forced transfer of your money into the banking system collective.
Phil_Stacker
New Member
If thy did this (and I think they will), there will be riots on the streets. People are okay using smaller notes, but Indians have gold at the core of their society. They will not go silently into that non-shiny night.
Probably means more smuggling, the 1oz buttons will probably attract a premium due to it being easier to smuggle internally
betterlatethannever
New Member
What about all of the Gold that is already in the country,plus some say that Indian woman hold in jewellery over 10% of the worlds Gold.
They have already punched the Indian battler in the face forcing them to hand in their 500/1000 Rupee notes and anymore punches in the face of the Indian workers would cause huge domestic chaos in my humble opinion.
Personally I can't see it,there will be blood in the streets.
They have already punched the Indian battler in the face forcing them to hand in their 500/1000 Rupee notes and anymore punches in the face of the Indian workers would cause huge domestic chaos in my humble opinion.
Personally I can't see it,there will be blood in the streets.
Indians buy less, Chinese buy more!
wrcmad said:
I am basing it on the reports that as these farmers don't have bank accounts and as they can only change a small about of cash each day and each exchange can require them to remain in queues overnight to keep their place for the next day they really haven't got a chance.
billybob888 said:
There's no way that India is going to ban gold - the World Gold Council estimates that Indian Housewives have 25% of the worlds gold!
The reports in Indian papers are that Modi is going after Property next, and then foreign bank accounts.
I've been talking to a jewellery dealer in India and he's told me that the premiums on gold jumped to around $2000 usd in the two days after the announcement.
betterlatethannever
New Member
sammy said:
It is closer to 10%
You cannot honestly believe that it is 25% :/
betterlatethannever
New Member
SilverDJ said:
# Credit Cards buying everything including your food,etc.
# Tap and Go paying for your fuel,etc.
# Recharge your Credit Card/Debit Card at an Eftpos Terminal.
# Online Banking using your Credit Card paying well for everything.
# Paying all of your Bills Online with not even $1.00 changing hands.
# Etc,etc,etc.
Wake up and smell the coffee paying with - Tap and Go :lol:
Equals - Evidence
SilverDJ
Well-Known Member
betterlatethannever said:# Credit Cards buying everything including your food,etc.
# Tap and Go paying for your fuel,etc.
# Recharge your Credit Card/Debit Card at an Eftpos Terminal.
# Online Banking using your Credit Card paying well for everything.
# Paying all of your Bills Online with not even $1.00 changing hands.
# Etc,etc,etc.
Wake up and smell the coffee paying with - Tap and Go :lol:
Equals - Evidence
No, all of that equals consumer convenience choice in the marketplace, there is not the least bit of evidence there of the "government implementing its own plan for the removal of cash and the forced transfer of your money into the banking system collective."
Try again.