People
don’t trust their government in India, a country legendary for graft and corruption. This is especially true when it comes to money.
A few years ago, for example, India’s government announced that certain
cash notes would be canceled and no longer considered valid currency
with IMMEDIATE effect.
This
was debilitating for tens of millions of people across India’s
poverty-stricken villages who have no access to bank accounts and rely upon cash transactions.
It’s
one of the many reasons why GOLD is so popular in India. But the
government has plenty of restrictions for precious metals as well…
prompting a surge in illegal gold smuggling into the country (according
to India’s Director of Revenue Intelligence).
Just
last week a woman was arrested in New Delhi’s Indira Gandhi Airport for
smuggling an unbelievable 1.2 kilograms (2.65 pounds) of gold in her
rectum, worth about USD $60,000.
It’s
a pretty sad state of affairs when people are forced to do something so
drastic just to make sure they have an honest currency that can’t be
manipulated by bureaucrats.
India’s
government is finally starting to wake up to this reality and is
reportedly ‘considering’ loosening some of the restrictions.
No comments:
Post a Comment