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Perth Mint 'tests out' Indian gold import excise abuse
By Paul Garvey
The Australian, Sydney
Saturday, October 15, 2016
The Perth Mint sent an estimated $1 billion worth of gold to India for refining without the apparent consent of its Australian customers, with the West Australian government-owned refiner being dragged into a court case examining the alleged abuse of an Indian excise rebate scheme.
The Weekend Australian can reveal that the Mint arranged for semi-refined gold -- or dore -- from its mining customers to be sold to a third party for export into India to "test out" an Indian excise scheme. This is despite the mint having earlier complained to the Indian and Australian governments about the "unfairness" of the excise discount.
India in 2013 introduced a scheme that saw the excise charged on gold dore cut by 2 percentage points compared to the excise charged on the refined pure gold produced by the Perth Mint and other international refiners.
The excise discount drove a surge in gold refining activity in India -- the world's second-biggest market for gold -- boosting the prospects of the mint's refining rivals there and prompting several Australian gold miners to consider exporting their dore directly to India. ...
... For the remainder of the report:
http://www.theaustralian.com.au/business/mining-energy/mint-tests-out-in...
A Lone Congressional Candidate Is Campaigning on the Gold Standard
The New York Sun just endorsed Connecticut Republican congressional candidate Daria Novak, based on her support for restoring the gold standard:
http://www.nysun.com/editorials/a-prosperity-heroine/89742/
Daria needs us to contribute $1,000, $500, $250, $100, $50, or whatever we can afford in the fiat money that is sleeping in our checkbooks. As the Sun wrote, "She vows to crusade" on the gold standard "as key to getting job creation, economic security, and upward mobility back at a sizzling rate." Novak has been endorsed by gold standard and sound money advocates George Gilder, Lawrence Kudlow, Jimmy Kemp (Jack Kemp's son), and Jeffrey Bell ... along with Steve Forbes, who calls Ms. Novak "the prosperity heroine."
To donate to Daria's campaign, please visit:
http://novakforcongress.org/donate/
Daria will personally thank all contributors.
Daria Novak is gold's lonely champion. Give her your backing and put a voice for gold in Congress.
This message was authorized by Daria Novak for Congress.
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