Comment: Central Bank of India: Purchase no gold w/ "legal tender" loan!

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Central Bank of India: Purchase no gold w/ "legal tender" loan!

New Delhi, India, November 2012: The Reserve Bank today directed banks not to give loans for purchase of gold in any form, including primary gold, bullion and jewellery, to dissuade people from indulging in speculative activity.

"...it is advised that no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold mutual funds," RBI said in a notification. ...
http://www.indianexpress.com/news/rbi-bans-bank-loans-to-buy...

Photograph: Wearing traditional silk sarong, maiden draws attention.

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