The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated.
http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cmsLooks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated.
Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin.
India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world.
The country with the highest demand in the world for gold, just outlawed gold. Shit just got real.
"Your gold is safe. 500 grams per married woman will not be seized..."
http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html"During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said.
The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.
Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent."
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