............While confirming that they have received such a letter from the RBI, top officials of some of the major temples said they were not taking any hasty decision on the matter without consulting the government and authorities concerned. When contacted in Mumbai, the RBI spokesperson Alpana Killawala admitted that they have written to these temples but clarified that "the objective of the letter is to collect data and mentioned that in the RBI statement issued on September 1, there is no proposal under its consideration (to buy gold and bullion from temples)."......
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1 comment:
It is unfortunate that people who generally are conscious of their right to know everything about sources and uses of resources of government and public/private organisations handling public funds get on the defensive when asked about assets in gold they hold. Is it not fair for the GOI/RBI have an idea about the domestic stock of gold?
Time is opportune for authorities to think in terms of dedicated professional institutions at regional/state level which will handle gold from a banking angle with an apex body equipped with linkages for import and export of gold and gold products with borrowing and lending capabilities. A ‘Gold Regulatory Authority’ with legislative mandate, should keep a record of gold stock with individuals and organisations, beyond a pre-decided threshold level. There should be arrangements for reporting use, further accumulation and disposal of such stocks.
Establishment of ‘Gold Corporations’ with state participation could also be debated. Such an institution can act as a depository where the pride gold possession of individuals and insitutions now in bank lockers and the pledged gold can find a safe shelter, provided the purity could be ensured and the ‘Corporation’ is able to find resources and skill to deal in gold and money with the customers’ confidence. States like Kerala have successfully intervened in other similar sectors like chits/kuris and lotteries, which were also areas of exploitation by vested interests, whereby players in private sector had to fall in line and function with discipline and self-regulation.
The policy should look at a strategy that will encourage transparency in transactions, elimination of wastages, standardization of valuation norms and facilities for gradually converting even the existing stock of gold with individuals and institutions to conform to internationally acceptable standards.
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