In an apparent intervention, Aziz has urged Indian households to sell only 2-4% of their passive gold, framing it as an act of financial patriotism rather than sacrifice. His argument is backed by concrete numbers, and they make uncomfortable reading for gold lovers.
India’s gold problem in numbers
Indian households collectively hold $4 trillion in gold, with about ₹4 crore mostly sitting idle. At the same time, India’s annual gold imports have risen sharply: from $35 billion a few years ago to $75 billion today, putting significant pressure on the current account deficit and the rupee.
To put that in context, FII outflows, which dominated financial headlines through FY26, were around ₹1,68,000 crore (approx. $17-18 billion) for the entire year. India’s gold import bill was four times higher than this figure. “FII inflows have received a lot of attention at the national level, but gold imports dwarf it,” Aziz noted.
This 100 gm Ask
Aziz ran the numbers to show the idea was viable at his own firm’s scale. Anand Rathi Wealth manages relationships with approximately 13,800 households. If everyone sold just 100 grams of gold worth around ₹15-16 lakh at current prices, the total amount of gold would be ₹2,500-3,000 crore.
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Multiply that by the broad base of India’s affluent families and the scale of impact. A drop in gold imports by $40 billion, roughly half the current run rate, would also have a material impact on the trade deficit and currency stability.
When gold held in household vaults is sold, it re-enters circulation for jewelery and industrial use, directly reducing the need for fresh imports.
This is profit booking, not sacrifice
Aziz insists that this is not a charity campaign. Gold prices are near historic highs, and have pulled back 5-7% since Prime Minister Modi raised concerns about import levels. He argues that selling now is simply smart portfolio management.
“Equity me profit booking karni chahiye, gold mein bhi rally hui hai,” he said. Book profit in country name at 3-4% of your holding.
Gold imports rose 82 percent to USD 5.62 billion in April; Silver by 157 pcs
The long-term return case for gold also weakens on closer inspection. On a rolling 10-year basis, gold has returned around 8.5% in rupee terms, a figure that many other instruments, including the Sukanya Samriddhi Yojana at 8.25% post-tax, can match or better.
Biggest Question: Do away with capital gains tax on a temporary basis
Aziz is also moving towards policy demand. The campaign asks participants to submit evidence of their gold sales, with the goal of creating enough momentum to petition the government for a temporary waiver on capital gains tax on gold transactions, making it easier for households to act.
His key message: Before asking the government to cut the deficit, show you’re willing to do your part first.
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