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From Hidden Gold to 1991 Crisis: India's Love for Gold

From Hidden Gold to 1991 Crisis: India's Love for Gold
From Hidden Gold To The 1991 Crisis: How India’s Love For Gold Defied Govt Control · timesnownews.com

Gold is very special to many families in India.

They use it for pretty jewellery, for saving money, and to help them when times are hard.

Long ago, the government made a big new rule.

The rule said that people could not own certain kinds of gold.

Many families did not want to give up their gold.

So they found secret ways to keep it safe.

Some hid it in cupboards.

Others hid it in special hidden compartments or other private places in their homes.

The government's big rule could not stop people from loving gold.

This story about hidden gold is part of a bigger story that leads up to a big money crisis in 1991.

Key facts

Country
India
Role of gold
Jewellery, savings, financial cushion
Period of restrictions
From the late 1960s
What was restricted
Owning certain forms of gold
Household response
Hiding gold in cupboards, concealed compartments and private spaces
Referenced later event
1991 crisis

Sources

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