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India Might Buy Gold From Citizens To Ease Rupee Crisis

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India Might Buy Gold From Citizens To Ease Rupee Crisis

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India Might Buy Gold From Citizens To Ease Rupee Crisis

by Wochit 0:28 mins

India is considering a radical plan to direct commercial banks to buy gold from ordinary citizens and divert it to precious metal refiners in an attempt to curb imports and take some heat off the plunging currency. India has the world's third-largest current account deficit, which is approaching nearly $90 billion, driven in a large part by appetite for gold imports.

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