.........“The Reserve Bank of India bought 200 tonnes of gold for $1,045 an ounce from the IMF four years ago. The Government can swap it for US dollars,” said Gornall, who is here for the India International Gold Convention 2013. According to RBI sources, the gold that India bought never came into the country as the transaction was only a book entry. The gold was purchased for $6.7 billion, in cash. Asked about this, Finance Ministry officials said the RBI will have to take a call on swapping the gold for dollars...........
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