India planning gold confiscation and gold market interventions?
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further hike in the import duties may have to be contemplated to dissuade gold imports
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restrictions on carrying of gold and gold jewellery by incoming Indian community from abroad … may also have to be reviewed to ensure that bringing gold into the country less attractive option
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entities importing bulk gold through banking and non-banking channels can be asked to an export obligation based on a certain percentage of imports of the gold
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bank finance to purchase gold may be prohibited
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Modified Gold Deposit Scheme (gold taken as a deposit is recycled for meeting domestic demand and given back at the time of maturity)
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Inflation Indexed Bonds … introduce savings schemes and instruments that can provide real returns with high liquidity
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Gold Accumulation Plan (the product is a saving plan catered to even small buyers of gold in which the gold imports are deferred till the time of actual delivery of gold)
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Gold Linked Account (the entire transaction takes place outside India and import of gold is not involved)
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Gold Pension Product (the customer surrenders gold to the bank on agreement to receive streams of monthly pension till his death)
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Setting value or quantum limits for canalising agencies and banks to import gold
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trying to channel the existing supplies of scrap gold in the country into the financial system
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Gold Bonds and Gold Deposits Schemes that may encourage gold holders to deposit their idle gold holdings with banks
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expanding financial inclusion in extending gold jewellery loan
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provide refinance to institutions lending against the collateral of gold
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retailing functions in gold including pooling of idle gold in the system
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be empowered with wide-ranging activities related to the entire spectrum of gold policies
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make official purchases and sales of gold
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may issue gold bonds and collect the gold stocks
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be to mobilising domestic non-official gold holdings; channelise them into a centralised pool over a period of time and to deploy them in a productive manner in the best interests of growth and development of the country
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be authorized to buy and sell gold on their behalf and on behalf of their clients
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be empowered to handle the country’s gold reserves
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be given powers to import, export, trade, lend and borrow gold and deal in gold derivatives
Source: http://goldchat.blogspot.com/2013/12/india-planning-gold-confiscation-and.html
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