India Bans the Sale of Gold Without License

Spread the love

INDIA, Kushan Empire. Vasudeva I. Circa AD 192-225. AV Dinar (22mm, 7.99 g, 12h). Mint I (A)

Just one day after India increased the taxation on gold to 10%, the Reserve Bank banned the sale of gold coins, medallions and dores without a licence from the foreign trade office. The Reserve Bank is out to end the capital outflow from India that is going into gold. We are seeing an increased trend toward this in many countries. In Switzerland, gold remains tax free while silver is taxed. In France, they have banned the purchase or sale of gold for cash.