May 21, 2015
NaMo's = MMS2's SUPREME FRAUD of GMS = Gold Monetization Scheme --- the claim that GMS will reduce gold import is FALSE o the extent of fraudulent.
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NaMo = MMS2 and each every NaMo-andhbhagats / NaMo-voter / NaMo-supporter claims that GMS = Gold Monetization Scheme will reduce gold import.
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Say A temple or any individual gives say 1000 kg to SBI.
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SBI promises to return 1% per year after 5 years i.e. around 1060 kg back after 5 years.
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Gold doesnt grow in farms of NaMo-supporters.
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So after 5 years, govt will have to either default or import 60 kg of gold.
.
So howTH does this reduce import of gold , in long run?
.
It may reduce import of gold in short run. But in long run, this will INCREASE import of gold. Or it will create defaults by govt.
.
========
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Lets put some actual numbers.
.
India imported some 1000 ton of gold in past 12 months and India has some 20000 ton of gold in private hands including temples. These are all estimates. No one has any real data to speak of.So we go by estimates
.
Say 1000 tonne of gold gets deposited. Then the scheme is flop and will have no effect in reduction of gold import.
.
Say 10000 tonne of gold is deposited. This may happen, because govt officials are forcing temples to deposit all the gold in SBI.
.
Then at the end of 5 years, govt will have to give 10600 tonne of gold back.
.
So import after 5 years will increase by 600 tonne !!! OR, SBI will tell temples ---- sorry, we cant give gold now, but pls re-ddeposit gold for 10 years more and we will give 2% pa interest !!!
.
So all temple gold will be replaced by laminated paper gold certificates !!!
.
=========
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Also, NaMo = MMS2 is going to pledge the gold for repatriation of FDI capital and profits as well as repatriation of forex debt and its interest. So if imports dont exceed exports , then gold will be used to pay for FDI capital / profits and debt / interest !!! So there many not be any gold left to repay the principal, forget the interest
.
=============
.
Solution?
.
lets look at problem. The problem is that we are importing too many foreign goods such as Audi cars and what not, We should ask importers to find dollars for themselves and govt should NOT give them dollars. This will reduce dollar burden on govts. Same way, those who import gold should be welcomed. But they should be asked to find dollars for themselves. This will reduce dollar burden on govt.
.
And those who import should NOT be allowed to take imports as business expense off in income tax return. This will automatically reduce imports. \
.
And finally, we are importing AUDI because we are NOT manufacturing AUDi i.e. we are NOT manufacturing Audi like car in India. Solution is to improve local manufacturing , by law-drafts like JurySys , RTR-judges, RTR public prosecutors, RTR police chiefs, RTR pollution control board chief, RTR Labor Commissioner, Wealth tax, TCP etc.
.
Instead of printing these law-drafts, NaMo = MMS2 is resorting to fradulent schemes like Gold Deposit Schemes. And andhbhagats of NaMo = MMS2 are worse than andhbhagats of MMS. When MMS floated gold monetization scheme , not even one MMS supporter came forward to support this fraud. But now, every NaMo-supporter is running from pillar to post supporting this fraud !!!
.
The solution I propose to activists is
.
1. Pls ask all to ensure that they or their temples DO NOT fall into this trap.
.
2 Pls work to bring law-drafts like JurySys , RTR-judges, RTR public prosecutors, RTR police chiefs, RTR pollution control board chairman to improve LOCAL manufacturing and please dont fall for frauds like Gold bond scheme
.
.
NaMo = MMS2 and each every NaMo-andhbhagats / NaMo-voter / NaMo-supporter claims that GMS = Gold Monetization Scheme will reduce gold import.
.
Say A temple or any individual gives say 1000 kg to SBI.
.
SBI promises to return 1% per year after 5 years i.e. around 1060 kg back after 5 years.
.
Gold doesnt grow in farms of NaMo-supporters.
.
So after 5 years, govt will have to either default or import 60 kg of gold.
.
So howTH does this reduce import of gold , in long run?
.
It may reduce import of gold in short run. But in long run, this will INCREASE import of gold. Or it will create defaults by govt.
.
========
.
Lets put some actual numbers.
.
India imported some 1000 ton of gold in past 12 months and India has some 20000 ton of gold in private hands including temples. These are all estimates. No one has any real data to speak of.So we go by estimates
.
Say 1000 tonne of gold gets deposited. Then the scheme is flop and will have no effect in reduction of gold import.
.
Say 10000 tonne of gold is deposited. This may happen, because govt officials are forcing temples to deposit all the gold in SBI.
.
Then at the end of 5 years, govt will have to give 10600 tonne of gold back.
.
So import after 5 years will increase by 600 tonne !!! OR, SBI will tell temples ---- sorry, we cant give gold now, but pls re-ddeposit gold for 10 years more and we will give 2% pa interest !!!
.
So all temple gold will be replaced by laminated paper gold certificates !!!
.
=========
.
Also, NaMo = MMS2 is going to pledge the gold for repatriation of FDI capital and profits as well as repatriation of forex debt and its interest. So if imports dont exceed exports , then gold will be used to pay for FDI capital / profits and debt / interest !!! So there many not be any gold left to repay the principal, forget the interest
.
=============
.
Solution?
.
lets look at problem. The problem is that we are importing too many foreign goods such as Audi cars and what not, We should ask importers to find dollars for themselves and govt should NOT give them dollars. This will reduce dollar burden on govts. Same way, those who import gold should be welcomed. But they should be asked to find dollars for themselves. This will reduce dollar burden on govt.
.
And those who import should NOT be allowed to take imports as business expense off in income tax return. This will automatically reduce imports. \
.
And finally, we are importing AUDI because we are NOT manufacturing AUDi i.e. we are NOT manufacturing Audi like car in India. Solution is to improve local manufacturing , by law-drafts like JurySys , RTR-judges, RTR public prosecutors, RTR police chiefs, RTR pollution control board chief, RTR Labor Commissioner, Wealth tax, TCP etc.
.
Instead of printing these law-drafts, NaMo = MMS2 is resorting to fradulent schemes like Gold Deposit Schemes. And andhbhagats of NaMo = MMS2 are worse than andhbhagats of MMS. When MMS floated gold monetization scheme , not even one MMS supporter came forward to support this fraud. But now, every NaMo-supporter is running from pillar to post supporting this fraud !!!
.
The solution I propose to activists is
.
1. Pls ask all to ensure that they or their temples DO NOT fall into this trap.
.
2 Pls work to bring law-drafts like JurySys , RTR-judges, RTR public prosecutors, RTR police chiefs, RTR pollution control board chairman to improve LOCAL manufacturing and please dont fall for frauds like Gold bond scheme
.
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