Gold Control Actとは 意味・読み方・使い方

The Gold Control Act was legislation enacted in India in 1962. After the Indo-China War in 1962, due to loss of foreign exchange reserves, the government of India enacted the Gold Control Act., 1962, prohibiting the citizens from holding pure gold bars and coins. The old holdings in pure gold had to be compulsorily converted into jewellery and that had to be declared. Only licensed dealers were allowed to deal in pure gold bars and coins. New gold jewellery purchases were either recycled or smuggled gold. This legislation killed the official gold market and a large unofficial market sprung up dealing in cash only. The gold was smuggled in and sold through the unofficial channel wherein, many jewelers and bullian traders traded in smuggled gold. A huge black market developed for gold. Gold Smith were unorganised labour force and could not cope with the new developed situation. Only a few could get the licence to hold the gold, that also in very small quantity, with the result that the members of Khudabadi Sindhi Swarankar community, who were depending only on their traditional occupation of making gold ornaments, lost their business and their financial condition deteriorated and families shattered.