Quote from: NotFuzzyWarm on December 08, 2016, 12:35:05 AM

Quote from: wolfen on December 07, 2016, 11:27:47 PM

Looks like they are confiscating gold from India's people. Jewelry also.

And to balance that with the Official stance:
http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms
It is Gold from undisclosed income they are after.

Most Indian's don't trust banks because they have had so many failures of the last century, they store wealth in wearable gold instead. The I-T Act allows the seizure of gold including jewellery if you have more than $19K per married lady, $8.5K per unmarried lady and $3.8K per male. You then have to prove where you got it from to get it back. Good luck with that in a country where the average worker is paid in cash with no receipt.