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This is an archive article published on April 30, 2010
India world’s 10th largest gold holder
Gold lust is not confined to India alone,there are others who are far ahead in shoring up their reserves.
The government today said India has become the 10th largest holder of gold in the world after it purchased 200 tonnes of the precious metal from the International Monetary Fund (IMF) last year.
According to the World Gold Council,India ranked 13th in the world in terms of official gold holding in March 2008 and March 2009,Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
“With the purchase of 200 metric tonnes of gold by the Reserve Bank of India from the International Monetary Fund under the IMF’s
limited gold sales programme,India’s rank increased to 10th position in March 2010,with official gold holding of 557.6 metric tonnes,” Meena said.
In November 2009,the RBI purchased 200 tonnes of gold from IMF at an estimated cost of USD 6.7 billion.
Meena further said the government has taken several measures,like giving interest subvention of two per cent to labour intensive export sectors,duty drawback facilities and reduction in customs duty and excise duties on some precious metals,in order to promote gems and jewellery export.
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