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Sunday 19 January 2020

RBI responds to Congress’s rumour that gold was moved out of India

The Congress had tweeted a report of its own mouthpiece National Herald on Twitter that claimed that, in 2014, the RBI had sent 200 tonnes of gold to Switzerland

Mumbai: The Reserve Bank of India (RBI) on Friday said that no gold has been sent out of the country since 2014. Some newspapers and a section of social media users had been spreading the rumour that the authority had sent or mortgaged some gold at a foreign destination in 2014. The RBI statement comes in response to the wild gossip

According to the statement, the RBI keeps India’s gold reserves secured in central banks of other countries, like the Bank of England, and this is a normal activity that has been happening for ages.

The RBI statement reads, “We have come across reports in certain sections of the print and social media regarding RBI shifting abroad a part of its gold holding in 2014. It is a normal practice for Central Banks world over, to keep their gold reserves overseas with Central Banks of other countries like Bank of England for safe custody.”

The statement continues, “It is further stated that no gold was shifted by the RBI from India to other countries in 2014 or thereafter. Thus, the media reports cited above are factually incorrect.”

The Congress had tweeted a report dated Thursday of its own mouthpiece National Herald (which is embroiled in a scam, the case of which is being heard in a Delhi court) on Twitter that claimed that, in 2014, the RBI had sent 200 tonnes of gold to Switzerland.

The party said, along with the link to the report, “Did the Modi govt secretly transport 200 tonnes of RBI’s gold to Switzerland in 2014?”

It continued, “What did the government get in return for exchanging the gold? Why is the information about the transaction not available in the public domain?”

The rumour-mongering tweet was retweeted by more than 1,000 users of the micro-blogging site.

According to a report dated 2 May in The Financial Express, “The Reserve Bank of India (RBI) holds 608.8 tonnes of gold reserves standing at 11th position on the list of top gold holders across the globe.”

For all reports related to the Lok Sabha election of 2019, please visit this page.

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