Indians can own as much gold as they want, and it sure beats the rupee
6:58p ET Saturday, January 7, 2017
Dear Friend of GATA and Gold:
India's weekly news magazine Outlook today offers a fascinating interview with Somasundaram PR, managing director of the World Gold Council's Indian office, noting that despite recent suggestions to the contrary, there is really no limit in law or regulation on how much gold Indians can own. The interview also details how Indians consider gold just as much a currency as any other and treat it that way in everyday business transactions.
While the Indian government is constantly hectoring its people to bring their gold into the financial system by paperizing it, the interview suggests that much of their gold is already functioning as both currency and savings. With the Indian rupee depreciating against gold over the last 15 years more than any other currency --
-- it's hard to imagine any practical measures by which the government will separate people from their gold.
The interview is headlined "There Is No Limit on Holding Gold: Somasundaram" and it's posted at Outlook's internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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