Indians smuggle tons of gold. India is one of the largest gold importers in the world. Due to the trade deficit it has been restricted. This doesn't bother Indians very much. Negative consequences for the economy: "India is suffering from a "gold poisoning", said Kamalesh Chandra Chakrabarty, Vice President of the Indian central bank last year at a gold conference in Bangalore.
The craze for gold or some may call it "passion" is easy to explain: Few Indians have stocks or bonds, half of the population has NO bank account. The precious metal is also intended to bring good luck and wealth. Gold is a savings account and insurance - all in one. No wedding and dowry without gold. No temple without rich supply of gold. The believers donate the precious metal in a sort of modern indulgences. The farmers leave it as a guarantee for bad times.
The craze for gold or some may call it "passion" is easy to explain: Few Indians have stocks or bonds, half of the population has NO bank account. The precious metal is also intended to bring good luck and wealth. Gold is a savings account and insurance - all in one. No wedding and dowry without gold. No temple without rich supply of gold. The believers donate the precious metal in a sort of modern indulgences. The farmers leave it as a guarantee for bad times.
