Now that demonetization of 500 and 1000 rupees accepted by Indians, is there any chance that gold will be demonetized in India. We Indians love gold like anything, there is a huge amount gold with Indian population. We buy gold jewellery on various events and festivals. We had a person who owned a shirt made of gold. We are gold crazy society.
Gold is also used by criminals and corrupted people to hide their wealth. They buy a huge amount of gold with black money, money which they got from underground markets or by evading taxes. The Indian government is very aware of this underground economy, the question is how to tackle this Gold Mafia.
The way PM Narendra Modi did a sudden surgical attack on 500 and 100o rupee notes, is he planning such surgical attack on gold? If yes, how gold demonetization will be carried out? How will it be planned and executed? Let’s discuss these points, we need your participation in this. Comment your opinions in the comment box below. Others can counter the given point by replying to a specific comment.
If done, How gold demonetization can be carried out?
We are talking about gold which a normal Indian have, not one which is in gold reserves. I don’t think it is possible that like 500, 1000 rupees people will deposit their gold in the bank or some institution and then get back with proper documentation and tax on it. It is might possible that they will ask the receipt if it. People those who possess a higher amount of gold need to prove it across their income. What do you think, how gold demonetization can be implemented?
Now, new rules applied for gold purchase. If you are buying gold which worth more than 2 lakhs then you must submit your PAN card. Yes, it will put some control but is it enough to stop gold mafia?
Gold Demonetization not possible in India
Indians are very attached with their gold purchases, on top of that many might don’t have the purchase receipt. In such situation, it will difficult to attempt something like demonetization of gold. There might be some chances that some restriction, a check can be added to gold selling and purchase.
This is a very new topic for group discussion (GD) and debates. It is better to start reading about it, you might get gold demonetization topic for group discussion in your placement process. In near future, you will find it in college and university debates, essay and speech competitions. School students might not get this topic yet, as it’s very new and very less information available on this so far.
We are starting this conversation, we need your help here. You can comment with a point in favour of the topics or against it. Thank you in advance.