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Sunday, June 3, 2012

India's Stealth Gold Confiscation Scheme

India is planning on issuing Gold bonds to deal with unprecedented Economic slowdown leading to a devaluation of their currency, the Rupee. Here's a quote from the CNBC India website article titled: Rupee rescue: "Is RBI now gearing up for gold bonds? "Gold bonds would be issued to both resident and non-resident Indians against deposit of gold. Source (of gold) will not be questioned. Simple tax could be levied at the rate of 15%. Tenure is likely to be 10 years. Gold collected will be pledged with foreign lenders and funds will be availed at 3 to 4%."  

Rupee rescue: Is RBI now gearing up for gold bonds?

So what does all this mean? Will more countries begin to issue Gold bonds, and what will be the implications for citizens of those nations? 

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