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India needs a law limiting the ownership of gold

Gold and economy
 India doesnt manufacture gold as it do not have gold mines all gold that is available in the market is either personal posessions or imported gold. India spend 52 billion dollars for import of gold alone of this almost all gold is sold in domestic market. That means there is no much exports of gold ornaments and artifacts taking place. There are thousands of jwelleries or gold sooks in india employing lakhs of people.goverment earns from these activities in form of various taxes and duties.once the gold reaches the consumer it becomes an unproductive comodity, it just stays in coffers and lockers. 

Gold and culture


Gold has a cultural value too. Traditionally gold is used to show of a family's financial status. It is shown of in get-togethers and family functions, well gold remains one of the status symbols of indian households. In marriage gold is given as dowry, more the gold higher the status. 

Gold and religion 

Gold is favourite for gods too, as most temples, churches and mosques have good amount of gold that is believed to be donated by devotees, the religious places are well adorned with gold. 

The need to limit gold ownership. 

1) We need to save precious foreign exchange by banning gold imports 
2) Decrease the use of gold in marriages, there by decreasing dowry related tortures and death. 
3) Decrease the cultural importance of gold over a period of time. 

How can we do that 

We need new law that will limit the ownership of gold by indviduals. I could suggest gold ownership limit somewhere between 200-300 grams of gold per person. Ownership limit also includes wearable gold, that means no one should be allowed to wear more than allowed quatity of gold. 

What happens to existing gold ornaments/bars/coins? 

The excess quantity should be liquidated in phased manner in 5 years. They could be either sold to banks or open market in prevailing market rates. Is there any advantage in doing so? Yes in both ways, the sales proceeds can be used to setup revenue generating ventures at the same time it also make sure of gold availability in the market. 

Summarising the suggestion I would say that this will have positive impact on economy, society and culture. This model ensures the availability of gold without gold import.

Comments

  1. Anishia16 October 2013 at 21:50

    this is a serious attempt. why don't u add the social dimension and the gender dimension as well. That forms a wider concern , does not it?

    ReplyDelete

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