BANNING E-GOLD

Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment- Why was eGold banned in India in 2013? All I could find online was this: "On July 31, the NSEL suspended trade in all contracts except 'e-series' following the government's direction not to launch new contracts because of violation of some rules."
 

Lot of hacking and phishing led to e gold abuse. Basically a transacting medium with lot of accounts on the web..it was even alleged about money laundering possibilities of the scheme.. It was ultimately shut down though it is one of the pioneers of such online transactions.. India was loosing huge amounts of Forex as outgoing was far exceeding the inflow. Further the then FM went one step ahead n said plz don't use gold in marriage

Yes sir, I saw many articles on hacking and phishing issues related to eGold, but couldn't we upgrade our technologies? Going by net sources only, I understand this banning had led to a widespread chaos at that time.

True..think banning of PayPal or rupay etc.. But it led to ensure systems of reliable user identification, dispute resolution mechanism etc.. Let us have an objective view in the sense that it gave us the chance for improving the online transactions..safe and legal and actionable

Sir, now that our Technologies have improved, our deficit is managable & rupee is stabalising, can we see return of eGold in near future?

Or will it always be detrimental for aforementioned reasons and thus gone for good?

It may return as a logical corollary because of the reasons you mentioned..importance of gold as a precious security can't be undermined.. Similar players still exist..but not as widespread