Of the estimated 24,000 tonnes believed to be in private hands around 7 tonnes has been turned over to a government 'recycling' plan
- Intention was to reduce the need for imports by recycling gold held by (mainly) temples and households
- Household hold about 80% of gold in India, and they've mainly said no to the scheme
- There is more here at Reuters.
So the government made bank notes worthless, then said give us your gold? How dumb can you be?
