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India world`s 10th largest gold holder

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.



New Delhi: 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.

PTI

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