Independence Day 2026: A 1968 gold ban that turned every Indian household into an underground vault

In 1968, Indias Gold (Control) Act restricted gold ownership and capped jewellery purity at 14 karats to curb imports and conserve foreign exchange. Instead of reducing demand, the law pushed gold underground, with households hiding jewellery and smugglers building a parallel market.

Raccontata daeconomictimes.indiatimes.com