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Modi's cash ban succeeds where his gold recycling programme fails

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The government spent 16 months trying to curb soaring imports of gold but has lured only a tiny fraction of the US$900 billion of gold that families and temples are estimated to have stashed away. 

Mumbai

IT SEEMS the only way to stop Indians from buying more gold is to take their money away.

Prime Minister Narendra Modi's government spent 16 months trying to persuade Indians to deposit their jewellery in the bank to earn interest, in an effort to curb soaring imports of the

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