........This is really the crux and why finance ministers have been unsuccessful with all their gold schemes. Investing in gold is an indictment of the government’s fiscal and monetary policy. This is what P Chidambaram hates, and why he is making such a song-and-dance about gold imports. Raising duties and banning this or that is no solution to the problem of a repressive fiscal policy that debauches the value of the rupee. Indians’ attraction to gold will be inversely related to the trend in the purchasing power of the rupee at home and abroad......
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