What's next?

Jeff

Administrator
Staff member
Country flag
500 and 1000 Rupee notes were just withdrawn, and now India seems to be confiscating gold?!

From: "Income tax officials say raids on jewellers based on 'credible intelligence' proving fruitful"

http://indiatoday.intoday.in/story/...aids-gold-jewellers-black-money/1/814439.html

it appears that the government is making national raids on jewellers, foreign exchange dealers, and commodity dealers.

Plus raids to seize gold, even in the form of jewellery:

https://twitter.com/i/web/status/804351147989299200
 

Swisslist

Member
It looks like they have their hands full proving everything. Back dated receipts for home purchases has to be hard to prove.

I'm glad I don't have their job.
 

tulip

Active Member
It must be a difficult situation to be in, especially for a jeweler. Money laundering is such a serious crime and I hope than no innocent business person will fall victim. It remains to be seen how such a step will affect the economy.
 

LLL.in King

Well-Known Member
Country flag
Gold being confiscated is probably from illegal purchases or laundering of ill gotten funds(which were made useless due to demonetization).India loves gold and I don't think legal gold owners and traders have any serious issues.
 

Connected

Member
Sellers can be insidious though. A jeweler might be totally legitimate and dot his i's and cross his t's when buying, but they can't stop every single single piece of stolen jewelry from getting through. I'm glad the situation is being addressed though
 

marsh

Active Member
Stolen gold seems to be in circulation the world over and it is great that India is doing its best to narrow down on the culprits. I also think that legitimate gold owners have nothing to fear, really.
 

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