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India Confiscates Gold, Even Jewelry, In Raids On Hidden Money

Global financial repression picks up steam, led by India. After declaring large denomination notes illegal, India now targets gold.
It’s not just gold bars or bullion. The government has raided houses, no questions asked, confiscating jewelry.
For background to this article, please see my November 27 article Cash Chaos in India, 86% of Money in Circulation Withdrawn; Cash Still King in Japan.
Large denomination means 500-rupee ($7.30) and 1,000-rupee notes ($14.60), which account for more than 85 percent of the money supply. They are no longer legal tender, effective immediately.
As one might imagine, chaos ensued. And it continues.

http://www.zerohedge.com/news/2016-12-07/india-confiscates-gold-even-jewelry-raids-hidden-money

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 â€" 20,000 metric tons, much of it inherited
 

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Member Georgia Carry
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It's too bad those in the raided homes didn't have rifles to protect their jewelry from being stolen.
 

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Seasteading Aficionado
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Listen to the American Indians, turn in your guns, the goverment will take care of you.
 

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Old, Slow, Boring Dude
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The "news people" decide what is news. This must be fake news...
 

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Lawyer and Gun Activist
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Quote:
"[The Prime Minister's] goal is to flush out "black money", stores of wealth that bypass the tax system, finance election campaigns and grease the wheels of high-level corruption. An enforced swap of high-value notes, say the reform's boosters, acts as a tax on holders of illicit wealth.The element of surprise is disruptive but without it, there would be time for black-money holders to launder their funds by purchasing gold, foreign currency or property. A tight deadline makes it hard for holders of large stashes of notes to swap or deposit them without alerting the tax authorities."

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Just one step toward a cashless society. Restrict currency notes. Keep a running tab on how much money each citizen has, and gets, and spends. Eliminate cash to force all transactions to be done through computerized databases for easy tracking and auditing. It's an easy way for the government to increase its power over the people. Yes, that includes the power to prevent (or detect and prosecute) organized criminals and tax cheats. It also destroys the wealth of law-abiding privacy-conscious individuals who hoard money, or other things of value, for their own legitimate reasons (retirement fund, rainy day fund, ITEOTWAWKI survival fund, whatever.)
 
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