RBI gets HC notice to explain gold deposits with Bank of England

According to Raghunath Kelkar, the Reserve Bank of India is bound to keep excess gold in its reserves, not deposit outside the country; despite summons, RBI rep fails to appear in court

A technocrat-turned-public interest litigant Raghunath Shankar Kelkar has challenged the Reserve Bank of India’s (RBI) move to deposit 265.49 tonnes of gold out of its total stock of 557.75 tonnes abroad by filing a public interest litigation (PIL) in the Bombay High Court and demanded that the precious metal be brought back into the country, according to the provisions of the law................

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