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18 of 1965</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox"><tbody><tr><th colspan="2" class="infobox-above" style="background-color: #ededed">The Gold (Control) Act, 1968</th></tr><tr><th colspan="2" class="infobox-header" style="background-color: #ededed"><a href="/wiki/Parliament_of_India" title="Parliament of India">Parliament of India</a></th></tr><tr><td colspan="2" class="infobox-full-data"><div class="collapsible-list mw-collapsible" style="text-align: left;"> <div style="line-height: 1.6em; font-weight: bold; font-weight:normal;background:transparent;text-align:center;"><div style="margin: 0 4em"><b><a href="/wiki/Long_title" class="mw-redirect" title="Long title">Long title</a></b></div></div> <ul class="mw-collapsible-content" style="margin-top: 0; margin-bottom: 0; line-height: inherit; list-style: none; margin-left: 0;"><li style="line-height: inherit; margin: 0"> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">An Act to regulate gold transactions. </div> </li></ul> </div></td></tr><tr><th scope="row" class="infobox-label">Citation</th><td class="infobox-data"><a rel="nofollow" class="external text" href="http://lawmin.nic.in/legislative/textofcentralacts/1968.pdf">Act No. 45 of 1968</a></td></tr><tr><th scope="row" class="infobox-label">Territorial extent</th><td class="infobox-data"><a href="/wiki/India" title="India">India</a></td></tr><tr><th scope="row" class="infobox-label">Assented to</th><td class="infobox-data">12 June 2006</td></tr><tr><th scope="row" class="infobox-label">Commenced</th><td class="infobox-data">1 September 1968</td></tr><tr><th scope="row" class="infobox-label">Repealed</th><td class="infobox-data">6 June 1990</td></tr><tr><th colspan="2" class="infobox-header" style="background-color: #ededed"><a href="/wiki/Repeal" title="Repeal">Repeals</a></th></tr><tr><td colspan="2" class="infobox-full-data"><a rel="nofollow" class="external text" href="http://www.theindianlawyer.in/statutesnbareacts/acts/g15.html">The Gold (Control) Repeal Act, 1990 (Act No. 18 of 1990)</a></td></tr><tr><td colspan="2" class="infobox-below" style="background-color:#FFCCCC;"><b>Status:</b> <a href="/wiki/Repeal" title="Repeal">Repealed</a></td></tr></tbody></table> <p><b>The Gold (Control) Act, 1968</b> is a repealed <a href="/wiki/Act_of_Parliament" class="mw-redirect" title="Act of Parliament">Act</a> of the <a href="/wiki/Parliament_of_India" title="Parliament of India">Parliament of India</a> which was enacted to control sale and holding of <a href="/wiki/Gold" title="Gold">gold</a> in personal possession. High demand for gold in India with negligible indigenous <a href="/wiki/Gold_mining" title="Gold mining">production</a> results in gold imports, leading to drastic devaluation of the <a href="/wiki/Indian_rupee" title="Indian rupee">Indian rupee</a> and depletion of <a href="/wiki/Foreign_exchange_reserves" title="Foreign exchange reserves">foreign exchange</a> <a href="/wiki/Foreign-exchange_reserves_of_India" title="Foreign-exchange reserves of India">reserves</a> to alarming levels. Devaluation of the Indian rupee also leads to steep rises in food commodity prices due to costlier petroleum products imports. In these circumstances, the gold import policy of India aimed at curbing the gold imports to a manageable level time to time by imposing taxes and legal restrictions. </p> <figure class="mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Map_of_gold_production.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Map_of_gold_production.svg/200px-Map_of_gold_production.svg.png" decoding="async" width="200" height="103" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Map_of_gold_production.svg/300px-Map_of_gold_production.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Map_of_gold_production.svg/400px-Map_of_gold_production.svg.png 2x" data-file-width="660" data-file-height="340" /></a><figcaption><a href="/wiki/List_of_countries_by_gold_production" title="List of countries by gold production">World gold output</a> (in <a href="/wiki/Kilograms" class="mw-redirect" title="Kilograms">kilograms</a>)</figcaption></figure> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Gold_Control_Act">Gold Control Act</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Gold_(Control)_Act,_1968&action=edit&section=1" title="Edit section: Gold Control Act"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/History_of_India_(1947%E2%80%93present)" title="History of India (1947–present)">Post-Independence</a>, the foreign exchange drain was accentuated in 1962 during the border dispute with China. <a href="/wiki/Morarji_Desai" title="Morarji Desai">Morarji Desai</a>, then-<a href="/wiki/Minister_of_Finance_(India)" title="Minister of Finance (India)">Finance Minister of India</a>, came out with Gold Control Act, 1962, which recalled all gold loans given by banks and banned forward trading in gold. In 1963, the production of gold jewellery above 14 carat fineness was banned. In 1965, a gold bond scheme was launched with tax immunity for unaccounted wealth. All these steps failed to yield the desired result. Desai finally introduced the Gold Control Act, on 24 August 1968, which prohibited citizens from owning gold in the form of bars and coins. All existing holdings of gold coins and bars had to be converted into jewelry and declared to the authorities. Goldsmiths were not allowed to own more than 100 g of gold. Licensed dealers were not supposed to own more than 2 kg of gold, depending upon the number of artisans employed by them. They were banned from trading with each other. Desai believed that Indians would respond positively to these steps and stop consuming gold and help conserve precious foreign exchange. New gold jewellery purchases were either recycled or smuggled gold. This legislation killed the official gold market and a large unofficial market sprung up dealing in cash only. The gold was smuggled in and sold through the unofficial channel wherein, many jewellers and bullion traders traded in smuggled gold. A huge black market developed for gold. Goldsmith were an unorganised labour force and could not cope with the new developed situation. Only a few could get the licence to hold the gold, that also in very small quantities, with the result that the members of the <a href="/wiki/Sunar" title="Sunar">Sunar</a> caste, who depended only on their traditional occupation of making gold ornaments, lost their business and their financial condition deteriorated and families shattered. </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Gold_price_history_INR.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/91/Gold_price_history_INR.jpg/220px-Gold_price_history_INR.jpg" decoding="async" width="220" height="152" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/91/Gold_price_history_INR.jpg/330px-Gold_price_history_INR.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/91/Gold_price_history_INR.jpg/440px-Gold_price_history_INR.jpg 2x" data-file-width="450" data-file-height="311" /></a><figcaption>Historical Gold price in INR<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>In 1990, India had a major foreign exchange problems and was on verge of default on external liabilities. The Indian Government pledged 40 tons gold from their reserves with the Bank of England and avoided defaulting by securing a loan to recover. Subsequently, India embarked upon the path of <a href="/wiki/Economic_liberalization" title="Economic liberalization">economic liberalization</a>. The era of licensing was gradually dissolved. The gold market also benefited because the government abolished the 1962 Gold Control Act on 6 June 1990.<sup id="cite_ref-gld_2-0" class="reference"><a href="#cite_note-gld-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> by Finance Minister Madhu Dandvate and liberalized the gold import into India on payment of a duty of Rs.250 per ten grams. The government thought it more prudent to allow free imports and earn the taxes rather than to lose it all to unofficial channel.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> From official imports of practically nothing in 1991, India officially imported more than 110 tonnes of gold in 1992, which now stands about 800 tonnes in a year. </p><p>In September 1999, the Govt. of India launched a Gold Deposit Scheme to utilize the idle gold and simultaneously give a return to gold owners and reduce the country's reliance on imports. However, this plan was not widely accepted by the population. </p><p><a href="/wiki/Gold_ETF" class="mw-redirect" title="Gold ETF">Gold ETFs</a> are also operating in India from March 2007. Alarmed by the excessive gold imports by Indians despite the public holdings of gold is in excess of 30,000 metric tons, Indian Government introduced a new Gold Deposit Scheme with attractive benefits to the gold depositors in the year 2015 to recycle the available idling gold in the country for meeting internally the entire fresh ornamental gold demand.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Government of India has nearly 550 tons of <a href="/wiki/Gold_reserves" class="mw-redirect" title="Gold reserves">gold reserves</a> which would help in kick starting the scheme. </p> <div class="mw-heading mw-heading2"><h2 id="Crisis_hedge_not_inflation_hedge">Crisis hedge not inflation hedge</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Gold_(Control)_Act,_1968&action=edit&section=2" title="Edit section: Crisis hedge not inflation hedge"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Gold_as_an_investment" title="Gold as an investment">Gold as an investment</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Gold_price_in_USD.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Gold_price_in_USD.png/325px-Gold_price_in_USD.png" decoding="async" width="325" height="211" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Gold_price_in_USD.png/488px-Gold_price_in_USD.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Gold_price_in_USD.png/650px-Gold_price_in_USD.png 2x" data-file-width="994" data-file-height="645" /></a><figcaption>Gold price history in 1960–2014</figcaption></figure> <p>When the inflation adjusted gold value is examined, gold is not an inflation <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedge</a> but crisis hedge.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Some times, gold price apparently looks lower in US$ value but its price compared to corresponding crude <a href="/wiki/Price_of_oil" title="Price of oil">oil price</a> can be exceeding 25 times far higher than long term average of 15 times.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> In April 2020, one ounce of gold fetched more than 90 barrels of WTI crude oil in USA in the mid of <a href="/wiki/Coronavirus_disease_2019" class="mw-redirect" title="Coronavirus disease 2019">Covid 19</a> pandemic as gold price shot up to 1788 US$/ounce. Thus during the lower oil prices period, gold acts as crisis hedge to overcome the loss of revenue from oil exports to the oil exporting countries. When oil prices are higher, it acts as crisis hedge to the oil importing countries to dispose oil stocks at profit and purchase gold with the accrued cash for replenishing oil stocks later during the lower oil price with respect to gold price.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> With the advent of <a href="/wiki/Tight_oil" title="Tight oil">shale oil</a> production boom in USA, crude oil for the first time is being realistically priced in US$ irrespective of <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a> in USA and the agreement of USA with OPEC to transact their international crude oil exports in US$.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> However international gold price is fixed by the major gold importing countries like India as gold market is fully buyers market with global gold stocks amounting to 300 times of its annual consumption or 53 times of <a href="/wiki/List_of_countries_by_gold_production" title="List of countries by gold production">its annual production</a>.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>In India, when the agriculture production is good, it will lead to slump in the agriculture commodity prices and raise in gold price due to demand from rural areas. Similarly, when agriculture commodity prices raise due to less production, gold prices would depress by lack of demand from rural areas.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> During good monsoon years, Indian government can sell its gold reserves at higher price catering to the gold demand from rural areas, to finance the surplus food grains purchase obligation at minimum support price (MSP) and the supply of adequate imported fertilizers to farmers. The depleted gold reserves could be purchased back later at lower price during the subsequent bad monsoon years with the funds after selling the food grain stocks at higher price to make up shortfall in the production. This analogy can be applied to all commodities and gold can be termed as super commodity with characters of international currency.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Thus Indian Government or Reserve Bank of India can overcome the economic crisis by effectively managing / hedging the gold reserves vis a vis food grain stocks or fertilizer stocks or crude oil stocks. </p><p>Gold trading daily turnover in the international commodity exchanges (<a href="/wiki/New_York_Mercantile_Exchange" title="New York Mercantile Exchange">NYMEX</a>, <a href="/wiki/Tokyo_Commodity_Exchange" title="Tokyo Commodity Exchange">TOCOM</a>, <a href="/wiki/Hong_Kong_Mercantile_Exchange" title="Hong Kong Mercantile Exchange">HKMEx</a>, <a href="/wiki/Dubai_Gold_%26_Commodities_Exchange" title="Dubai Gold & Commodities Exchange">DGCX</a>, etc.) is of the order of 300 tons/day (nearly 110,000 tons/year) compared to 3,000 tons/year global production.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> However, <a href="/wiki/High-frequency_trading" title="High-frequency trading">most of the trades</a> are squared off without actual delivery.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> India being the dominant importer of gold, Indian government can exercise full control on international gold trading when all its gold imports and recycled gold are channeled through it and distributed through the <a href="/wiki/List_of_commodities_exchanges#Asia" title="List of commodities exchanges">commodities exchanges</a> of India.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Current_policy">Current policy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Gold_(Control)_Act,_1968&action=edit&section=3" title="Edit section: Current policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Gold-nominal-constant-usd.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Gold-nominal-constant-usd.svg/325px-Gold-nominal-constant-usd.svg.png" decoding="async" width="325" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Gold-nominal-constant-usd.svg/488px-Gold-nominal-constant-usd.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Gold-nominal-constant-usd.svg/650px-Gold-nominal-constant-usd.svg.png 2x" data-file-width="2311" data-file-height="1419" /></a><figcaption>Gold prices (US$ per troy ounce), in nominal US$ and inflation adjusted US$.</figcaption></figure> <p>India imports in excess of 1000 tons annually (including unofficially smuggled gold) with negligible local production.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The annual gold imports are around 50 billion US$ next only to crude oil imports widening the trade deficit.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> In the years since 2001 to 2015, the official net gold imports are 269 billion US$ whereas the <a href="/wiki/Institutional_investor" title="Institutional investor">Foreign Institutional Investors</a> (FII) invested only 157 billion US$ in Indian equities.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Gold imports cost is nearly 3% of the GDP. Alarmed by the huge trade deficit in the year 2012, GoI introduced moderate customs duty (below 10%) on gold imports. Though the policy is fetching good customs income, the imports demand is not drastically coming down. It is due to the reason that world gold demand is mainly driven by Indians and its price is fixed by Indians in Indian rupees. Imposing customs tax on gold imports in India or devaluation of Indian currency, led to the softening of its international price but remained range bound in rupee terms. Customs duty imposition also led to increase in gold smuggling but narrowed the trade deficit to permissible limit as the smuggled gold would not get accounted as imports in trade deficit calculations.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>The gold imports are also serving to channelise undeclared earnings by exporters and importers of India. Invariably, <a href="/wiki/Transfer_mispricing" title="Transfer mispricing">exporters under invoice their exports whereas importers over invoice their imports</a> to stash <a href="/wiki/Indian_black_money" title="Indian black money">black money</a> in <a href="/wiki/Tax_haven" title="Tax haven">tax haven countries</a>. This stashed money abroad is routed to India by importing gold (official channel or smuggled) which can be disposed off in to Indian rupees as gold commands insatiable demand from rural India.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> This multiple malpractices by importers and exporters artificially widen the official <a href="/wiki/Balance_of_trade" title="Balance of trade">trade deficit</a> by three folds of the actual trade deficit subjecting Indian currency constantly at the risk of devaluation and <a href="/wiki/List_of_countries_by_credit_rating" title="List of countries by credit rating">de-rating of India</a> by <a href="/wiki/Credit_rating" title="Credit rating">international rating agencies</a>.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> It is estimated that unnecessary gold imports are retarding <a href="/wiki/Gross_domestic_product" title="Gross domestic product">growth of Indian economy</a> by at least 3% points.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> The customs duty forgone during the financial year 2013-14 on non-essential gold and diamonds import is Rs 48,635 crores which is constituting 16% of the total customs duty forgone.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Gold_(Control)_Act,_1968&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1216972533">.mw-parser-output .col-begin{border-collapse:collapse;padding:0;color:inherit;width:100%;border:0;margin:0}.mw-parser-output .col-begin-small{font-size:90%}.mw-parser-output .col-break{vertical-align:top;text-align:left}.mw-parser-output .col-break-2{width:50%}.mw-parser-output .col-break-3{width:33.3%}.mw-parser-output .col-break-4{width:25%}.mw-parser-output .col-break-5{width:20%}@media(max-width:720px){.mw-parser-output .col-begin,.mw-parser-output .col-begin>tbody,.mw-parser-output .col-begin>tbody>tr,.mw-parser-output .col-begin>tbody>tr>td{display:block!important;width:100%!important}.mw-parser-output .col-break{padding-left:0!important}}</style><div> <table class="col-begin" role="presentation"> <tbody><tr> <td class="col-break" style="width: 30%;"> <ul><li><a href="/wiki/BIS_hallmark" title="BIS hallmark">BIS hallmark</a></li> <li><a href="/wiki/List_of_the_largest_trading_partners_of_India" class="mw-redirect" title="List of the largest trading partners of India">List of the largest trading partners of India</a></li> <li><a href="/wiki/Indian_Currency_Committee" title="Indian Currency Committee">Indian Currency Committee</a></li></ul> </td> <td class="col-break" style="width: 25%;"> <ul><li><a href="/wiki/London_bullion_market" title="London bullion market">London bullion market</a></li> <li><a href="/wiki/World_Gold_Council" title="World Gold Council">World Gold Council</a></li> <li><a href="/wiki/List_of_countries_by_gold_production" title="List of countries by gold production">List of countries by gold production</a></li></ul> </td> <td class="col-break" style="width: 15%;"> <ul><li><a href="/wiki/Hatti_Gold_Mines" title="Hatti Gold Mines">Hatti Gold Mines</a></li> <li><a href="/wiki/Kolar_Gold_Fields" title="Kolar Gold Fields">Kolar Gold Fields</a></li></ul> </td> <td class="col-break"> <ul><li><a href="/wiki/List_of_gold_mining_disasters" title="List of gold mining disasters">List of gold mining disasters</a></li> <li><a href="/wiki/International_Cyanide_Management_Code" title="International Cyanide Management Code">International Cyanide Management Code</a></li></ul> <p>  </p> </td></tr></tbody></table></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Gold_(Control)_Act,_1968&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://wisewealthadvisors.files.wordpress.com/2012/04/30-years-comparative-chart-on-gold-and-sensex-adjusted-for-inflation4.pdf">"Comparative chart on Gold and Sensex, adjusted for inflation: From 1979-80 to 2011-12"</a> <span class="cs1-format">(PDF)</span><span class="reference-accessdate">. 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Retrieved <span class="nowrap">17 August</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Import+duty+on+gold+jewellery+hiked+to+15+%25&rft_id=http%3A%2F%2Fwww.thehindu.com%2Fbusiness%2FIndustry%2Fimport-duty-on-gold-jewellery-hiked-to-15%2Farticle5138304.ece&rfr_id=info%3Asid%2Fen.wikipedia.org%3AThe+Gold+%28Control%29+Act%2C+1968" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://indiatoday.intoday.in/story/gold-smugglers-return-hike-in-import-duty-india-today/1/284848.html">"Spike in customs duty on gold import triggers innovative ways of smuggling with people risking their necks"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">17 August</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Spike+in+customs+duty+on+gold+import+triggers+innovative+ways+of+smuggling+with+people+risking+their+necks&rft_id=http%3A%2F%2Findiatoday.intoday.in%2Fstory%2Fgold-smugglers-return-hike-in-import-duty-india-today%2F1%2F284848.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AThe+Gold+%28Control%29+Act%2C+1968" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.indiaspend.com/investigations/gold-diamonds-indias-biggest-tax-beneficiaries-12020">"Gold, Diamonds & Large Corporations; India's Biggest Tax Beneficiaries"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">17 August</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Gold%2C+Diamonds+%26+Large+Corporations%3B+India%27s+Biggest+Tax+Beneficiaries&rft_id=http%3A%2F%2Fwww.indiaspend.com%2Finvestigations%2Fgold-diamonds-indias-biggest-tax-beneficiaries-12020&rfr_id=info%3Asid%2Fen.wikipedia.org%3AThe+Gold+%28Control%29+Act%2C+1968" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.scribd.com/doc/58788144/Gold-Imports-A-Social-Evil">"Gold imports - Social evil"</a>. 2007<span class="reference-accessdate">. Retrieved <span class="nowrap">17 August</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Gold+imports+-+Social+evil&rft.date=2007&rft_id=https%3A%2F%2Fwww.scribd.com%2Fdoc%2F58788144%2FGold-Imports-A-Social-Evil&rfr_id=info%3Asid%2Fen.wikipedia.org%3AThe+Gold+%28Control%29+Act%2C+1968" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://indiabudget.nic.in/ub2014-15/statrevfor/annex12.pdf">"Revenue foregone under the Central Tax System: Financial Years 2012-13 and 2013-14"</a> <span class="cs1-format">(PDF)</span>. 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">17 August</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Revenue+foregone+under+the+Central+Tax+System%3A+Financial+Years+2012-13+and+2013-14&rft.date=2014&rft_id=http%3A%2F%2Findiabudget.nic.in%2Fub2014-15%2Fstatrevfor%2Fannex12.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AThe+Gold+%28Control%29+Act%2C+1968" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=The_Gold_(Control)_Act,_1968&action=edit&section=6" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.livemint.com/Money/lpiP9XsSoplSkQCLJZSO0O/Two-nations-two-gold-control-acts-One-worked-one-didnt.html">Nilesh Shah (26 November 2012) <i>Two nations, two gold control acts. One worked, one didn’t</i> - <i>Livemint</i></a></li> <li><a rel="nofollow" class="external text" href="http://ticdata.treasury.gov/Publish/mfh.txt"><i>Major foreign holders of US treasury securities</i></a></li> <li><a rel="nofollow" class="external text" href="http://www.visualcapitalist.com/re-awakening-golden-triangle/"><i>Re-Awakening of the Golden Triangle</i></a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol 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