LOL, I didn't knew Indians are the biggest consumers of gold. But, I guess it is totally true. Here in India, we say that once upon a time India was knows as "The Golden Bird", because of the massive amounts of gold produced and used in India. Then one by one many invaders came and took away all our gold. Now we import the same gold back to India. Funny isn't it!!
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I heard some talk recently that the government was talking about confiscating gold from Indian citizens around the same time they were eliminating some of the higher currency denominations. Is that true?
No, the govt. never touched the gold. But yes, they did ban some higher denomination currency in order to limit black money.