In India, for the past 5000 years Indian People are saving money in the form of gold. Business transactions made by gold only.
At present middle call people and the under the poverty line people are invest in the form of gold.
India is the biggest gold consuming country in the world.
According to the Indian Government Planning commission report said that More than 60% of people living in the under poverty line.
Planning commission said that In the city area under the poverty line people can survive easily Rs.34 per day in the village level people can easily survive Rs.28 per day
Savings method
60% of under poverty line people and 30% of middle class people are saving in the form of gold.
Under the poverty line people cannot able to invest Share market, mutual fund, fixed deposit, special savaging bonds issues by government and real estate.becase their salary is Rs.28 per day only.
Middle class people cannot able to get loan easily from their property except jewel loan.
Gold jewels are handed over to grandparents to grand children. It is the traditional saving method.
CURRENT CONDITION ABOUT THE GOLD IN THE INDIAN ECONOMY
1.Indian Government encouraging to invest online trading to Indian and Multinational companies and brain washing Indian middle class people to invest online trading .
2. So gold price rate is fix by multinational companies and world market
3. for the past 10 years gold rate in increased 350%.
4. World biggest gold consumer is India. But fix the gold rate in dollar rate. Why Indian government fix the god rate?
5.At Present government fix 8% Tax against importing gold.
6.Purchasing of gold : 2% VAT from the public
7.Indian finance Minister P. Chidambaram said that Indian people must stop to purchase of gold.
8.Reserve bank of India advised that not to give personal loan more than 48 grams of gold loan to the co-operative banks
9. Indian government ordered that 20% of imported gold must be re export or deposit in the government banks. What is the profit of gold industry people? More than 1 crore people are in the gold industry in India.
10.At present government restrict under poverty line people gold loan.
11.All the government Banks get more and more profit against gold loan from the poor people
12.In the field of personal loan poor people return their loan amount and interest in the proper period.
But In the field of Industrial level Indian and Multinational companies did not pay their loan amount and interest amount. Government not to take any steps.
But insist that not to purchase gold jewelers to their children for their marriages.
What Public Required?
1.Online trading of Gold must be stopped.
2.Imported gold tax must be reduced.
3.Under poverty line : jewel loan must be encouraged
4.Gold rate is controlled by Indian government.
Kindly discuss the matter and write more and more ideas to the Indian and International magazines and scholarly published journals in the the field of Management, economics and social science
By
N.Chidambaranathan
9884882867
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