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Indian Banks Worried About Government’s Harebrained, Desperate Attempt To Get Gold
TND Article Spotlight: By Eric Dubin |
Reuters published a report today noting Indian bank concerns about the costs of offering retail customers interest on physical gold deposits, and just how much yield consumers would demand before thinking about depositing their physical gold.
The Indian government is concerned about continued high imports of gold having a negative impact on the Rupee and inflating the country’s current account deficit. No doubt, pressure from western nations like the United States have also contributed to the Modi government’s betrayal of campaign promises to liberalize the Indian gold industry.
Ultimately, Indian consumers are not likely going to accept paper promises for piddly interest. Since 1960, the rupee has seen over 5,000 percent inflation. Hopefully, Indian consumers will be smart enough to not play into the Indian government’s desperate scheme.
To read the Reuters report, “India’s gold monetisation plan lacks lustre,” click here.
Source: http://thenewsdoctors.com/indian-banks-worried-about-governments-harebrained-desperate-attempt-to-get-gold/
