Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

RBI initiates swap of old gold with new one.


Date: 07-07-2014
Subject: RBI initiates swap of old gold with new one
The Reserve Bank has undertaken an excercise to swap old gold in its reserves with a new one with a view to standardise the yellow metal stock.

The central bank has asked nominated banks to give quotes for swap with the objective to optimise the management of its reserves.

The nominated banks, including State Bank of India, would import gold on behalf of RBI and subsequently the metal would be swapped.

Under the scheme, RBI would exchange relatively impure gold including some dating back pre-independence era from its Nagpur vault and get the equivalent worth of purer yellow metal.

According to sources, the operation would standardise the gold available with RBI to global standards and the gold acquired would be delivered to its overseas custodian, the Bank of England.

The entire exercises would take place through book entry and without any cash outgo, sources said.

As of June 27, RBI had a gold reserve of worth USD 20.79 billion while total forex reserve USD 315.77 billion.

RBI is likely to offload its old gold onto the local market through nominated banks, a bullion trader said, adding import of gold would come down to that extent.
At the time, this would help in increasing gold supply without putting pressure on current account deficit (CAD), which has come under stress due to rising crude oil prices due to conflict in Iraq.

In order to check rising CAD, the government had raised import duties and RBI imposed curbs on import of gold and also laid down various pre-conditions for inward shipments of the precious metal.

Gold imports declined 72 per cent to USD 2.19 billion in May due to restrictions imposed by the government on inbound shipments of the precious metal to narrow the CAD.

India's CAD, which is the excess of foreign exchange outflows over inflows, touched a historic high of 4.8 per cent of GDP in 2012-13, mainly due to rising imports of petroleum products and gold.

A high CAD puts pressure on the rupee, which in turn makes imports expensive and fuels inflation.

Source : financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 28-02-2025
Notification No. 12/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 14-02-2025
Notification No. 10/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 13-02-2025
Notification No. 14/2025-Customs
Seeks to amend Notification 11/2021-Customs dated 01.02.2021 to amend AIDC rate on Bourbon whiskey

Date: 11-02-2025
NOTIFICATION No. 09/2025–Central Tax
Seeks to bring rules 2, 8, 24, 27, 32, 37, 38 of the CGST (Amendment) Rules, 2024 in to force

Date: 03-02-2025
[F. No. CBIC-190354/236/2021-TRU]
Corrigendum to Notification No. 50 of 2024 Customs, dated the 30th December, 2024.

Date: 01-02-2025
Notification No. 13/2025-Customs
Seeks to further amend notification No. 153/94-Customs dated the 13 th July, 1994.

Date: 01-02-2025
Notification No. 12/2025-Customs
Seeks to further amend notification No. 19/2019 dated 06 th July 2019.

Date: 01-02-2025
Notification No. 11/2025 – Customs
Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002 so as to add capital goods to the already existing list of capital goods exempted from basic customs duty for manufacture of lithium-ion battery of mobile phones and electrically operated vehicles.

Date: 01-02-2025
Notification No. 09/2025-Customs
Seeks to further amend notification No. 16/2017-Customs, dated the 20 th April, 2017 so to exempt certain drugs for supply under Patient Assistance Programme run by specified pharmaceutical companies.

Date: 01-02-2025
Notification No. 07/2025-Customs
Seeks to further amend notification No. 11/2018-Customs dated 02 th February, 2018 so as to exempt specified goods from the whole of levy of Social Welfare Surcharge.



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001