Since the first day that India's new/corrupt governments announced its "gold deposit scheme", I have warned readers that this was nothing less than an attempt to STEAL as much of the privately held gold in India, as possible. With estimates of the total quantity of that gold ranging up over 20,000 TONNES, there is a lot to (potentially) steal.
"Gold generates no income."
So how can India's government pay interest on deposited gold? There is no way to do so legitimately. But now, finally, the fraud is totally out in the open. India's government has PUBLICLY confessed how it plans to "finance" the scheme (scam).
The deposited gold will be auctioned off from time to time to meet domestic demand for jewellery and coins.
So how do depositors ever get their gold BACK, after it has been auctioned off (to pay the interest)? Obviously they don't. Indians "deposit" their gold, but they can never get the gold back -- because it is being SOLD. Naked theft.
As I've said all along, there was never the slightest doubt that this was a con to steal the gold of India. The only mystery here is how any Indians could be stupid enough to give-away their gold in this obvious rip-off.
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Get rid of one corrupt leader and another one more advanced in corruption takes the seat.
As Prime Minister IT IS YOUR DUTY TO SEE ALL THE PEOPLE IN INDIA HAVE GOOD FOOD, CLOTHING AND HOUSING...that is your first job AND NOT TO INVENT SCHEMES TO STEAL THE GOLD WHICH IS YOUR MOTIVE ONE CAN EASILY TELL