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The Padmanabhaswamy temple treasure is a collection of valuable objects including gold thrones, crowns, coins, statues and ornaments, diamonds and other precious stones. It was discovered in some of the subterranean vaults of the Padmanabhaswamy Temple in Thiruvananthapuram, in the Indian state of Kerala, when five of its six (or possibly eight) vaults were opened on 27 June 2011.
Gold smuggling was rampant in India until liberalisation, which repealed The Gold (Control) Act, 1968 that prohibited the import of gold except for jewellery. [4] In the 2011–12 period India's current account deficit burgeoned to 4.2% of its GDP. [5] This was due to high prices of oil and gold, which the country imports in huge volumes. [6]
India raised the import duties on gold and other precious metals on Friday in a surprise move that industry officials say could dampen retail demand and boost smuggling in the world's second ...
A journalist from Al Jazeera summed up the spectacle saying that, "We had heard that India is the land of snake charmers. After this we are ready to believe it." [32] The weekly magazine India Today called the excavation "moronic madness" and added, "if this gold hunt ends in finding even a kilo of the yellow, we are doomed. An already overtly ...
Archaeologists found gold plates, beads and earrings along with several sacrificial victims. Gold treasure trove uncovered in 1,200-year-old elite burial in Panama. Take a look
The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession.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.
These early findings also occur in places like the Deccan and the earliest evidence for smelted iron occurs in Central India, not in north-western India. [21] Moreover, the dates for iron in India are not later than in those of Central Asia, and according to some scholars (e.g. Koshelenko 1986) the dates for smelted iron may actually be earlier ...
Precipitated by the Gulf War, India's oil import bill swelled, exports slumped, credit dried up, and investors took their money out. [18] Large fiscal deficits combined with the fixed exchange rate had a spillover effect on the trade deficit culminating in an external payments crisis. By the end of the 1980s, India was in serious economic trouble.