The Gold (Control) Act, 1968 | Wikipedia audio article
Channel: wikipedia tts
Date: 2018-11-12

This is an audio version of the Wikipedia Article:
The Gold (Control) Act, 1968

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SUMMARY
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The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession. However excessive demand for gold in India with negligible indigenous production is met with gold imports leading to drastic devaluation of Indian rupee and depletion of foreign exchange reserves to alarming levels. Devaluation of Indian rupee is also leading to steep rise in food commodity prices due to costlier petroleum products imports. In these circumstances, the gold import policy of India aims at curbing the gold imports to manageable level time to time by imposing taxes and legal restrictions.