by Shivom Seth:
MUMBAI (MINEWEB) -
"The Reserve Bank of India is looking to mobilise the country's idle gold deposits. The apex bank is mulling ways other than direct curbs on imports of gold to reduce the current account deficit.
"With gold imports contributing substantially to India's current account deficit, a bank instituted panel is looking into the aspects of devising some alternative routes.
"Anand Sinha, deputy governor of the Reserve Bank of India (RBI) said the bank is considering financial instruments that mimic the returns on gold.
"Gold imports have been a substantial part of the current account deficit. Therefore, it is being looked at what best can be done. Import is one aspect, the other aspect is that the gold that already exists in the country can be brought out to satisfy the demand by devising financial instruments which can mimic the returns on gold,'' Sinha told mediapersons. ..."