The Gold (Control) Act, 1968

Gold (Control) Act, 1968
Parliament of India
  • An Act to provide, in the economic and financial interests of the community, for the control of the production, manufacture, supply, distribution, use and possession of, and business in, gold, ornaments and articles of gold and for matters connected therewith or incidental thereto.
CitationAct No. 45 of 1968
Territorial extentwhole of India
Assented to1 September 1968
Commenced1 September 1968
Repealed6 June 1990
Repeals
  • Gold (Control) Act, 1965 (18 of 1965)
  • Gold (Control) Ordinance, 1968 (6 of 1968)
Repealed by
Gold (Control) Repeal Act, 1990 (18 of 1990)
Status: Repealed

The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control the sale and holding of gold in personal possession. High demand for gold in India with negligible indigenous production results in gold imports, leading to drastic devaluation of the Indian rupee and depletion of foreign exchange reserves to alarming levels. Devaluation of the Indian rupee also leads to steep rises in food commodity prices due to costlier petroleum products imports. In these circumstances, the gold import policy of India aimed at curbing the gold imports to a manageable level time to time by imposing taxes and legal restrictions.

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