Commodities & Trade•Ministry of Finance•1968 → 1990

Gold Control Act, 1968

Status: Repealed

Category: Fiscal & Commodities

Successor: Liberalized Gold Import Policy (under Open General License)

Executive Inquest Summary

“Prohibited citizens from owning primary gold bars/coins and capped jewelry possession. Repealed by Finance Minister Madhu Dandavate.”

1. Original Objective & Statutory Design

Instituted in 1968 by the Ministry of Finance to govern commodities & trade. Aimed at addressing core governance challenges and structural priorities of its era.

2. Implementation Architecture & Frontline Delivery

Administered under Ministry of Finance through federal coordination, state-level departments, and executive oversight mechanisms.

3. Rationale for Action, Repeal or Replacement

Catastrophically failed to curb gold demand; devastated traditional goldsmiths (Sunars) and spawned an illegal smuggling hawala economy.

Subsequent Legal or Administrative Framework:

Liberalized Gold Import Policy (under Open General License)

4. Empirical Evidence & Official Documentation

Official parliamentary records, ministry gazette notifications, and statutory review committee assessments concerning Gold Control Act, 1968.

Institutional Memory & Enduring Lessons

What Should Be Retained, Redesigned, or Revived?

Status: Repealed. Replacement: Liberalized Gold Import Policy (under Open General License). Demonstrates the systemic lifecycle of public policy in India—highlighting how changes in state capacity, federal dynamics, and technological capability render legacy frameworks obsolete or require complete legislative overhaul.

Verified Administrative & Evaluation Sources

Official Gazette of India, Ministry of Finance
Parliamentary Standing Committee Reports (1990)
Law Commission of India & Ministry Transition Notes