Blogged for: http://indiadynamic.blogspot.in/
Indian rupee is neither on any of gold standard nor pegged
to any currency. It’s traded in open market following demand and supply pricing.
On national level gold is an investment and control on inflation has loosened,
creating financial and psychological crisis.
To bridle inflation we must fix the upper limit price of
gold making it a commodity rather than investment. Putting an MRP (maximum
retail price) for gold would be beneficial in controlling inflation.
It would really be a stupidity to put an MRP on current time
frame, this would create havoc which would be uncontrollable and would be more
devastating than being beneficial.
So, what we can do is fix the MRP for the fourth or fifth
year from now, applicable from fourth or fifth year. This postponement would
act as shock absorber for current financial havoc. Thereby reviving the MRP of
gold after every third year but the MRP tag revived would always be applicable
from third year from revived date.
Thus, gold be sold only at MRP rather than fluctuating ever
incrementing rates.
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