Pawan Khera attacks Centre over gold fund curbs

NEW DELHI: Congress leader Pawan Khera criticised the Narendra Modi-led government over reported restrictions on fresh investments in certain gold and gold-silver mutual fund schemes, questioning the timing of the measures ahead of Diwali and Dhanteras, when gold purchases traditionally increase across India. In a post on X, Khera invoked the Bharatiya Janata Party’s promise of “Achchhe Din”, or good days, to attack the government’s economic policies. He alleged that the restrictions reflected a contradiction between promises of prosperity and measures affecting gold investments during a major festive buying period. The criticism followed reports that the Securities and Exchange Board of India (SEBI) had directed mutual fund asset management companies to temporarily suspend fresh lump-sum investments, switch-ins and new systematic investment plan registrations in specified Gold Funds of Funds, including gold-silver funds. The reported restrictions took effect on October 16. Khera also referred to the Prime Minister’s reported advice against buying gold and an increase in import duties intended to discourage gold purchases. He questioned why such measures were being introduced when gold buying traditionally rises during the festive season. The remarks followed a social media post by Manoj Arora discussing the reported restrictions and their possible implications for investors. “Such are the Achchhe Din that the government now has to clamp down on gold purchases — during the biggest gold-buying festival of the year!” Khera wrote. He described the situation as a “spectacularly disastrous achievement” and ended his post by questioning the government’s economic promises, suggesting that the country could be heading towards an economic crisis. The reported investment restrictions and their implications for investors remained central to the political dispute.