Indian Gold Import Ban and Tax, Bitcoin Flying..

[MrMerchant]

Peculiarly, Prime Minister Modi released a statement on November 25 to local media outlet NewsRise, announcing the restriction on both gold importation and domestic holdings of gold. As a result, the demand and value of silver surged, as households, investors and traders began to search for alternative assets to protect their wealth.


With 78% of Indian household savings stored in gold and national production of the precious metal declining, the restriction on the importation of gold, as well as taxation and confiscation of household gold storage will lead to a major economic and financial shock in the upcoming months.


Currently, as cash and gold are targeted by heavy and strict regulatory frameworks and policies, investors and traders are desperately seeking for alternative assets. Even decentralized and highly liquid assets like bitcoin has significantly high premiums in the Indian bitcoin exchange market, primarily due to the inability of international cash transfer or restriction in FX trading.

Although the purchasing of digital currencies like bitcoin could be difficult considering the government’s crackdown on cash, bitcoin still remains as the only viable alternative to most households investors.

Source: https://www.cryptocoinsnews.com/india-gold-tax-bitcoin-wealth-protection/

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[Marma Kalari]

You never know what Modi will be striking next. First they started killing people for eating beef and started checking everyone's kitchen and now they are straggling with the regulations even to get the money out of everyone's bank account and now they will be checking everyone gold . Wonderful!!!!

[eddie13]

If you can ship jewelry/value to the USA and want to turn it into BTC PM me..
Maybe we can strike up a mutually beneficial relationship..

[MrMerchant]

You never know what Modi will be striking next. First they started killing people for eating beef and started checking everyone's kitchen and now they are straggling with the regulations even to get the money out of everyone's bank account and now they will be checking everyone gold . Wonderful!!!!

Worst Case Scenario, We end up paying 90% of our income in taxes and regulatory fines, Keep the 10% for emergency medical expenses and starve to death by the time Modi leaves the Throne.

[@prashant]

Thats why during these week bitcoin exchange has gone up.i can guarantee that most of the transaction are done by indian only.

[MrMerchant]

Indians Moving from Gold to Digital Gold

[rajasumi2]

it is just all because of demonetization,because as the digital currency is increasing day by day,it is recommended that to use digital wallet at all.and that why bitcoins has become most important potential for black marketers thats y u should always sell ur bitcoins whenever it is a month.enjoy ur  life.

[soyab0007]

I dont think, banning Gold is the reason for bitcoin price increase...

Its an complete hype created by Indian exchange..

[MrMerchant]

Its an complete hype created by Indian exchange..

I absolutely agree with it, certain exchanges are manipulating the Indian Market, and newbies are following the trend.

[leopard2]

India is a democracy, isn't it? Elections are in 2019.

So this Modi criminal can be removed without bloodshed...hopefully. 

But perhaps there are not going to be elections anymore?

How about this analysis of the situation:

1. Before Modi: corruption was optional, you had to pay officials to get what you want

2. With Modi: corruption is mandatory and fully automated, officials take what they want and you get nothing or worse

[MrMerchant]

But perhaps there are not going to be elections anymore?

Care to elaborate?

[nizamcc]

But perhaps there are not going to be elections anymore?

Care to elaborate?

Some people make extremely stupid comments that they don't even bother to explain, so just ignore such comments.
And OP, it is not going to be easy even for Bitcoins as it flew just because people were "selling" their old notes in order to get bitcoins, and now everything is settling down here in India.

[MrMerchant]

And OP, it is not going to be easy even for Bitcoins as it flew just because people were "selling" their old notes in order to get bitcoins, and now everything is settling down here in India.

Agreed, but due to the same scenario the awareness about a alternate currency has grown, and most of the new people I have encountered during this time are really interested in the concept and future of Bitcoin.

Not just black to white guys but legitimate business's as well, even the outward remittance market is huge in India and they are exploring the possibilities to pay clients in Bitcoins outside India.

[erikalui]

You never know what Modi will be striking next. First they started killing people for eating beef and started checking everyone's kitchen and now they are straggling with the regulations even to get the money out of everyone's bank account and now they will be checking everyone gold . Wonderful!!!!

It's so true. Beef has never been such a crime earlier and when Congress was ruling, we were still at peace. This Government has truly ruined the peace and because of this demonetization, everyone is trying to take advantage of the situation and trying to snatch money from those who don't have bank accounts or who have savings.


With Gold being targeted, those families who own inherited gold ornaments would just need to throw it out or pay heavy taxes on it. I just want this Government to fall before people start paying heavy taxes on even breathing.

[markisanon2434]

You never know what Modi will be striking next. First they started killing people for eating beef and started checking everyone's kitchen and now they are straggling with the regulations even to get the money out of everyone's bank account and now they will be checking everyone gold . Wonderful!!!!

It's so true. Beef has never been such a crime earlier and when Congress was ruling, we were still at peace. This Government has truly ruined the peace and because of this demonetization, everyone is trying to take advantage of the situation and trying to snatch money from those who don't have bank accounts or who have savings.


With Gold being targeted, those families who own inherited gold ornaments would just need to throw it out or pay heavy taxes on it. I just want this Government to fall before people start paying heavy taxes on even breathing.

I understand that if you have inherited gold from your parents, it is not going to cause any problems. Of course you may have to prove with valid documents that the gold is inherited. Frankly, I support demonetization. However, proper steps have not been implemented to make the entire process to go smooth.

People in villages are not ready to go digital, there are villages in India were there is no electricity! How can they go digital?

[erikalui]

I understand that if you have inherited gold from your parents, it is not going to cause any problems. Of course you may have to prove with valid documents that the gold is inherited. Frankly, I support demonetization. However, proper steps have not been implemented to make the entire process to go smooth.

People in villages are not ready to go digital, there are villages in India were there is no electricity! How can they go digital?

Holding documents for each and every gold ornament would be almost impossible as even my parents don't have the documents of the ornaments they bought 20 years ago. I too supported demonetization initially but when bank employees, managers and poor people who had no cash in their banks earlier were found involved in this currency exchange, the move seems useless and only the poor ultimately suffered from this move. I can see that prices have reduced which is a good thing to note.


Villages who have no signals or internet access are the ones who would need cash to survive and with no cash in cities and big states, their life is miserable. Going cashless is almost impossible for them as of now.

[Clement Kaliyar]

I understand that if you have inherited gold from your parents, it is not going to cause any problems. Of course you may have to prove with valid documents that the gold is inherited. Frankly, I support demonetization. However, proper steps have not been implemented to make the entire process to go smooth.

People in villages are not ready to go digital, there are villages in India were there is no electricity! How can they go digital?

Holding documents for each and every gold ornament would be almost impossible as even my parents don't have the documents of the ornaments they bought 20 years ago. I too supported demonetization initially but when bank employees, managers and poor people who had no cash in their banks earlier were found involved in this currency exchange, the move seems useless and only the poor ultimately suffered from this move. I can see that prices have reduced which is a good thing to note.


Villages who have no signals or internet access are the ones who would need cash to survive and with no cash in cities and big states, their life is miserable. Going cashless is almost impossible for them as of now.

The current government is becoming a pain for everyone living in India.They do not have any idea what they are doing and they do not really have any back up plans either.Everyone supported demonetization but then as weeks passed we still dont get enough cash for our daily needs and that is the biggest problem we are facing.I do not have a clue when these things would change.