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CEO.CA members discuss high-risk penny stocks which can lose their entire value. Only risk what you can afford to lose.
@newstracker#Gold – #India and #China
- The Indian government is shocking the economy into paying taxes due and rooting out the profits of endemic corruption
- It remains to be seen if corrupt practices and traditions can be erased in a single move but one is hopeful none the less.
- Local gold prices rose on the first day of the government crackdown as gold buyers sought to use gold traders to launder their larger denomination currency
- The government reacted by threatening to restrict gold imports and investigate traders etc… slamming shut this avenue
- Many recent deposits will be considered by the Indian revenue to be the product of unpaid tax with the government seizing half of the deposits and placing a further 25% into low-interest bearing deposit accounts for a period of four years. Questions may then be asked of the depositors as to where the funds came from and used to asses future earnings from businesses.
- India is going to go through some painfull adjustment as a result and the impact on gold is hard to determine, though gold may become a more favoured currency as the dust settles
@MiningBookGuyIndia: Changes to demonetisation policy sparks anger http://www.aljazeera.com/news/2016/12/india-demonetisation-161202095210789.html#India#CashCrisis#mbgtrends
Partial Quote: "The Indian government has announced that old notes will no longer be accepted at petrol stations after Friday, fuelling anger over the scrapping of high denomination bills that has caused an unprecedented cash crunch.
Indians had been given until December 15 to use the old bills at filling stations but the government rushed forward the deadline on Thursday evening, giving millions of commuters still using the old 500 rupee notes barely 24 hours to spend them."
@MiningBookGuyMoney-Laundering Networks Thrive Amid India’s Cash-Ban Chaos https://www.bloomberg.com/news/articles/2016-12-04/money-laundering-networks-thrive-amid-india-s-cash-ban-chaos#India#CashCrisis#BlackMoney#mbgtrends
Partial Quotes: "While the government has been working to close loopholes -- which Prime Minister Narendra Modi decried as people’s "illegal means to save their ill-gotten wealth" in a radio address last week -- new ones are opening even faster. So far, the policy aimed at reducing the scale of the black economy and bringing more people into the tax net is, in the short term, leading to just the reverse: money-laundering, tax-avoidance, and new opportunities for existing organized crime, the evolution of the long-standing hawala money-transfer system, and the start of new illicit networks."
"Individuals are transporting millions of rupees on trains or vehicles, and the big money-laundering networks have been chartering flights to transport crateloads of cash to India’s northeast from small airfields, the lawyer said."
@Oliver"..While paper gold traders can't seem to dump the precious metal fast enough, physical gold demand is soaring around the world. #India retail premiums are spiking (amid demonetization), local #China premiums soar to a 3-year-high (as capital controls loom), and coin sales from the US Mint have risen for the 4th straight month, accelerating post-election to the highest since July 2015 since Trump's victory at the election.." $GLD#gold#physical
@Nickhttp://trib.al/ikWGuPX Australian government floats $100 note removal
Liberal Democratic Senator David Leyonhjelm hit out at the proposal, saying “the only people who are distressed by the cash economy are the government and the public servants who want to spend taxes”.
“But with my libertarian hat on, I think the solution is to lower taxes so the incentives to avoid paying taxes are lower.”
@MiningBookGuy@anonymous - thanks for your thoughts here. great point about people stealing metal a few years ago...i remember a few of those stories as well.
i feel bad about all catastrophes...but especially the 'man-made' ones, where we know for sure they did NOT have to happen this way. unfortunately, #venezuela is the best current example of this, and i am concerned #india is one that is starting to go down that path now...other countries as well that are less well-known/reported, and surely more to follow.
@nlepanIndia’s gasoline consumption continues to grow rapidly as an increasing number of individuals purchase their first motorized vehicle, helping drive the fastest growth in fuel demand in the world. India's gasoline consumption has increased more than 12 per cent in 2016 compared to 2015. Consumption is being driven by an enormous increase in the number of drivers on the country’s roads for the first time. http://www.reuters.com/article/us-india-gasoline-kemp-idUSKBN14U1Y8#energy#India
@nicholaslepanAn initial public offering of shares in Indian stock exchange BSE Ltd to raise up to 12.43 billion rupees ($182.42 million) was fully subscribed on the second day of the sale, stock exchange data showed. More than 250 shareholders, led by Singapore Exchange Ltd, were selling up to 15.4 million shares in Asia's oldest stock exchange at a price range of 805 rupees to 806 rupees per share. http://in.reuters.com/article/india-bse-ipo-idINKBN1580QH?#exchanges#India