(,..) Yet the idea of a war on unaccounted-for wealth remains central to demonetization’s popular appeal, which means Modi will have to find other ways to keep that narrative going. So the government has now begun to push income-tax officials to conduct raids on those who might be concealing assets in forms other than cash, such as gold.
There’s already enough fear of such raids becoming common again that the government felt the need to step in to quell some of the anxiety. That didn’t help much. The government “clarified,” among other things, the rules governing when tax officials could seize gold: Nothing would happen “if the holding is limited to 500 grams per married woman, 250 grams per unmarried woman and 100 grams per male.” It also said that there would be no limits on jewelry “provided it is acquired… from inheritance.” Also, the “officer conducting [the] search has discretion to not seize [an] even higher quantity of gold jewelry.”
What this means, unfortunately, is that India’s income tax officers have just won the lottery. During a raid, they can, on the spot, decide whether or not to confiscate a family’s gold holdings. And remember, India has an enormous amount of gold — 20,000 metric tons, much of it inherited. (The rules governing simple searches are different, but few know that.) Rather than cleaning up tax administration, the government has handed tax officials more power than they’ve had for decades. The rich will pay what they need to escape harassment; the rest will suffer.
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.
Per ora sembra sia solo una paura/minaccia ma .. vediamo che titoli escono nei prossimi giorni.
La cosa sarebbe un macigno per il mercato dell'oro mondiale visto che si calcola che i soli indiani abbiano oro per circa 20.000 tonnellate, accumulato in secoli, pari a 7-8 anni delle produzioni record annuali di questi ultimi anni (e per molti siamo in zona Peak Gold storica, cioe' ai massimi che saranno mai prodotti in tutta la storia umana!)
Altri siti gia' ragionano di come l'Argento potrebbe segnare una salita epocale di prezzo se la gente cominciasse a buttarsi a convertire Gold in Silver (!!!)
Comunque la virata verso l'argento, vuoi perche' l'oro e' ormai troppo costoso per alcuni (solo i poveri indiani saranno quasi quanto tutti gli europei messi assieme.. voi che non siano un mezzo miliardino di persone?), vuoi per le paure che pare si stanno materializzano ora, come abbiamo gia' visto su AF in passato, e' gia' iniziata da mo:
Even a small substitution from gold to silver would result in a massive increase in the price of silver.
A 10% reallocation from gold jewellery investment to silver in India would nearly double world silver jewellery demand.
Mines and other sources would not be able to fill the gap immediately; prices would rise, further fuelling demand and creating a new, shiny headache for those trying to marshal India's unusual economy.
Comunque, tanto per cambiare, indovina ci si trovera' i maroncini fra incudine e martell? Ma si, certo: i poveri e le classi medie, che diamine! I ricchi sapranno trovare i modi per pararsi il dorato culetto. Se non l'hanno gia' fatto da mo.
... to be continued
PS: Chissa' poi perche' se la prendono tanto con l'oro .. mica e' denaro!
"Gold isn't money" - Ben Bernanke