This refers to the article “High time RBI bought more gold” (Business Line, October 5). This is a timely suggestion, which should be pursued by the RBI and the Government. The initiative taken two years back to augment gold component in forex reserves by purchasing 200 tonnes of gold from the IMF, should have been followed up with purchases. The RBI should simultaneously review its entire forex portfolio with expert support, for reshuffling it to make it robust and ensure better returns without compromising safety of investment. The Government could perhaps standardise a portion of the domestic stock of gold estimated at 18,000 tonnes. This will help reduce the gold import Bill.
- M. G. Warrier (HBL)
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