India Bans All Gold Coin Imports

[Pennsylvania]

From the Reserve Bank of India:

Import of Gold by Nominated Banks /Agencies/Entities



1. Attention of Authorised Persons is drawn to the Reserve Bank’s A.P. (DIR Series) Circular No. 15 dated July 22, 2013 on the captioned subject. As per these instructions, certain restrictions were imposed on the import of various forms of gold by nominated banks/nominated agencies/ premier or star trading houses/SEZ units/EoUs which have been permitted to import gold for use in the domestic sector.



2. Government of India and the Reserve Bank of India have been receiving several requests for clarifications on the operational aspects of the scheme of imports put in place in terms of the above circular. There have also been representations to change certain aspects of the scheme. Taking into account all these representations and in consultation with the Government of India, it has been decided to issue the following clarifications/modifications in supersession of all the earlier instructions:



a) Import of gold in the form of coins and medallions is now prohibited.

Source (ZeroHedge.com)

[Acala]

Wow. That should fix the problem. Ahahahahahahahahaha!

[presence]

Ghandi would tell them to pound salt.

[thoughtomator]

India has a huge, porous border, both land and sea. Good luck trying to ban gold imports.

[oyarde]

I sense , opportunity

[oyarde]

India has a huge, porous border, both land and sea. Good luck trying to ban gold imports.

Yes they do.

[Seraphim]

The Rupee will almost undoubtedly see a massive devaluation over the next 18 months.

Wow. That should fix the problem. Ahahahahahahahahaha!

[compromise]

Most of my family there are really into gold because the currency is so crappy. I'll probably bring some over when I'm next there.

[Acala]

Gold smuggling would be an honorable profession.

[lib3rtarian]

Gold smuggling would be an honorable profession.

Most of the baddies in the '80s Indian movies were Gold smugglers. Back then I thought, "man, those evil people evading taxes", but now I see nothing wrong.