March 7, 2015
https://www.facebook.com/mehtarahulc/posts/10152639000731922
https://www.facebook.com/mehtarahulc/posts/10152639000731922
Gold monetiation scheme looks like a super huge scam , more potent than 1000 Ghazanies !!!
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As per the Gold Monetization scheme, citizens will deposit gold at govt bank, say SBI . SBI will NOT store gold equal to all deposits. I repeat, SBI will NOT store this in gold form. SBI will sell all gold in market. And then SBI will give about 1% per interest on gold , and person can obtain gold whenever he wants, if SBI wants to pay him gold !!! Otherwise, SBI can simply pay him qash equal to gold value.
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eg if you give 1 kilo gold to SBI, then SBI will give you 1 kilo p[lus 10 grams of gold at the year end !!
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The question is ---- how will SBI get 1% extra gold every year !!!? Does SBI have a tree on which gold grows?
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SBI pays 9% interest on FDs because RBI / SBI manufacture rupees !!! yes , RBI / SBI manufacture rupees. eg last year about Rs 9000 rupees were manufactured by RBI , SBI and all licensed banks in paper / passbook form. That was about 15% of the total rupee India had. IOW, RBI / SBI manufactures rupees equal to 15% of rupee volume and gives out 4% to 9% as interest on savings / FD accounts !! IOW, interest is funded by plain vanilla rupee manufacturing, and nothing else !!!
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But SBI doesnt manufacture gold !! So howTH will SBI give this 1% extra gold at year end?
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And SBI will sell the gold in market and give it as loan to Kingfisher etc. What is the SBI's borrower's blow away all the money the way Kingfisher did ? In such case, howTH will SBI get back even principal gold?
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All in all, this gold monetization scheme looks like a super huge fraud to me. It looks like attempt to siphon all gold out of India. The scheme will do what 1000 Ghazanies could not do in 1000 years .
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I have drafted law-draft that will promote citizens to keep gold / silver coins (coins , not jewels) , and encourage businesses to keep equipment which can do gold / silver testing . This is diametrically opposite of gold monetization. IOW, we at Right to recall Group are 100 % opposite of BJP on this gold issue..
.
As per the Gold Monetization scheme, citizens will deposit gold at govt bank, say SBI . SBI will NOT store gold equal to all deposits. I repeat, SBI will NOT store this in gold form. SBI will sell all gold in market. And then SBI will give about 1% per interest on gold , and person can obtain gold whenever he wants, if SBI wants to pay him gold !!! Otherwise, SBI can simply pay him qash equal to gold value.
.
eg if you give 1 kilo gold to SBI, then SBI will give you 1 kilo p[lus 10 grams of gold at the year end !!
.
The question is ---- how will SBI get 1% extra gold every year !!!? Does SBI have a tree on which gold grows?
.
SBI pays 9% interest on FDs because RBI / SBI manufacture rupees !!! yes , RBI / SBI manufacture rupees. eg last year about Rs 9000 rupees were manufactured by RBI , SBI and all licensed banks in paper / passbook form. That was about 15% of the total rupee India had. IOW, RBI / SBI manufactures rupees equal to 15% of rupee volume and gives out 4% to 9% as interest on savings / FD accounts !! IOW, interest is funded by plain vanilla rupee manufacturing, and nothing else !!!
.
But SBI doesnt manufacture gold !! So howTH will SBI give this 1% extra gold at year end?
.
And SBI will sell the gold in market and give it as loan to Kingfisher etc. What is the SBI's borrower's blow away all the money the way Kingfisher did ? In such case, howTH will SBI get back even principal gold?
.
All in all, this gold monetization scheme looks like a super huge fraud to me. It looks like attempt to siphon all gold out of India. The scheme will do what 1000 Ghazanies could not do in 1000 years .
.
I have drafted law-draft that will promote citizens to keep gold / silver coins (coins , not jewels) , and encourage businesses to keep equipment which can do gold / silver testing . This is diametrically opposite of gold monetization. IOW, we at Right to recall Group are 100 % opposite of BJP on this gold issue..
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