The Reserve Bank of India (RBI ) is holding gold reserves of 557.75 tonne valued at USD 2,702 crore Parliament was informed.
Minister of State for Finance Namo Narain Meena said, "As on April 20, 2012, the value of gold reserve was USD 2,702, which accounts for 9.2% of foreign exchange reserves of USD 29460 Crore"
RBI holds 557.75 tonnes of gold as part of foreign exchange reserves. The gold held by RBI is revalued on monthly basis as per accounting policies.
On whether the central government has earned huge profit due to steep hike in global gold prices. That gains & losses on valuation of gold due to movements in the price of gold are not taken to the profit and loss account but booked under a balance sheet head.
On steps taken to boost gold reserves in the coming years, RBI had purchased 200 tonnes of gold at the cost of USD 670 crore from the IMF (International Monetary Fund) as part of the foreign exchanges reserves management operations in 2009.
Minister of State for Finance Namo Narain Meena said, "As on April 20, 2012, the value of gold reserve was USD 2,702, which accounts for 9.2% of foreign exchange reserves of USD 29460 Crore"
RBI holds 557.75 tonnes of gold as part of foreign exchange reserves. The gold held by RBI is revalued on monthly basis as per accounting policies.
On whether the central government has earned huge profit due to steep hike in global gold prices. That gains & losses on valuation of gold due to movements in the price of gold are not taken to the profit and loss account but booked under a balance sheet head.
On steps taken to boost gold reserves in the coming years, RBI had purchased 200 tonnes of gold at the cost of USD 670 crore from the IMF (International Monetary Fund) as part of the foreign exchanges reserves management operations in 2009.
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