The Indian consumers are apparently responsible for leaving the nation's balance sheet in a shambles with our insatiable lust for gold. Both GoI and RBI are doing everything to punish Indian consumer. We cannot wear our jewellery above Rs.1 lakh on an overseas holiday. We can't buy coins easily. The paperwork at jewellery shop is designed to everyone away. The higher custom duty intends to make gold prohibitively expensive.
Jewllers can't import gold, they can rationed through government owned banks. Are we really to blame? Who started the gold coin culture in India? Not the jeweller but GoI and RBI that encouraged high street banks, and even post office, to start peddling gold coins about five years ago.
Why should GoI and RBI should complain? Petrol is the largest item on our import bill but no one suggest to shut down car factories and go back to tonga and cycle rickshaw.
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