“Not satisfied with raising import tariffs on gold and putting in place jarring new FX flow capital controls formerly http://www.france24.com/en/20130814-india-slaps-controls-forex-outflows-boost-rupee, it seems the war on a weakening Rupee continues. We previously discussed the unintended consequence of such actions – including the rise of the gold smuggler – but the latest total ban on the importation of gold coins and medallions is edging India closer and closer to the Argentinian edge of Cristina Fernandez totalitarianism (after the initial ban on sales in June). In an effort to ‘moderate outflows’ of Rupee, the Indian central bank slashed the amount of money families can send out of the country per year to $75k and limited overseas investment to 100% of net worth (from 400%).”
