India allows VS Morarji Desai’s ban on gold imports

India allows 4 more banks to import gold, silver

MUMBAI: Reserve Bank of India has allowed four more banks, including Yes Bank and Bank of Maharashtra, to import precious metals, further spurring competition in the world's biggest importer of bullion.

City Union Bank and ING Vysya Bank have also been included in the list, bringing to 35 the number of banks allowed to import bullion, data on the website of Reserve Bank of India showed.------------------------------------------------------------------------------------------------------------------------------------------------------------
Gold is a regulated sector in India and the federal government allows state-run and private banks to trade in bullion at the wholesale and retail level.

Gold policy in modern India

From practically, 1939, (the start of WW2) gold imports into India were controlled or banned. This British legacy (aimed at colonial exploitative ends) was continued by Indian Government and RBI. Many Gold control laws were enacted which stopped all legal gold imports into India.India’s Gold Policy was also a case of warped thinking.
 In the 1960s, most of the world was buying gold at an artificially low price of US$35 – and the USA was bleeding gold. The French team of Charles de Gaulle and his economic advisor, Jacques Rueff did quick maths. It was clear this  would not last long. The USA was printing dollars and dumping it in world markets.

Morarji Desai may get his place on Mount Rushmore
Morarji Desai may get his place on Mount Rushmore

The French redeemed their dollar holdings,  of gold from USA and bring it to Banque de France. The French raised gold reserves and dumped dollars. Banque De France finally increased its gold reserve to 92% (as a percentage of total foreign currency /monetary reserves).

The Bretton Woods system.

The Bretton Woods system was technically created by more than 700 delegates from the 44 allied nations. But the match was fixed.

It was designed by the Anglo-Saxon countries (America, Australia, Britain, Canada), for the benefit of the Anglo Saxon countries. Did anyone notice how much Britain resisted, joined and finally exited the European Currency Union. Thie Bretton Woods System has swamped the world with accelerating inflow of dollars (American, Australian, Canadian) and British pounds. Producers and exporters are left with vast reserves of depreciating currencies.
 It also gave rise to the Bretton Woods twins (the IMF and the World Bank), which are run and managed by the Anglo-Saxon countries. The ABC countries (and their client states like Japan, etc.) have more than 67% of the voting rights. With this huge voting majority, less than 5% of the world’s population (of the ABC countries) decide how 95% of the world lives.

The Bretton Woods system worked for 20 years because Indians were not allowed to buy gold. India’s finance minster during that crucial period, Morarji Desai
Morarji Desai’s ban on gold imports allowed the sham of Bretton Woods to continue for 20 years.
 March 15th, 1968. Finally, US support for gold prices stopped at consumer level. USA continued to promise redemption to Governments at US$35 per ounce. And on August 15th, 1971, the world got the Nixon Chop. By that time, USA gold reserves had dropped from 20,000 tons to 8500 tons – from 21,828 tons (701.8m troy ounces) in 1949 to 8130 tons (261.4-264.6m troy ounces) in the 1980s.

American Journalist Cleared of Libel Against Indian PM:-