What did the government get in return for exchanging the gold? Why is the information about the transaction not available in the public domain? In 2009 the government of India bought 200 tonnes of gold from the IMF (International Monetary Fund). Under the IMF’s limited gold sales programme in 2009, India purchased gold worth Rs 31,490 crore from the Bretton Woods’ institution. An RTI was filed by Navneet Chaturvedi, an investigative journalist, but the information was denied in the pretext of “NO DISCLOSURE POLICY”. The scribe claims that the missing 200-tonne gold is the same which was bought by the Indian government from the International Monetary Fund (IMF) in 2009. In response to another question on the quantity of gold held overseas, the RBI replied that the “Reserve Bank of India holds 268.01 tonnes of gold overseas in safe custody with Bank of England and Bank of International Settlements.” Then the question arises as what did the government get in return for exchanging the gold? Why is the information about the transaction not available in the public domain?
EXAMINATION OF RBI PROGRESS REPORT
After going through RBI’s audit reports from the year 2011 through 2015, this has been found that “something fishy” happened between 2014 and 2015. As per RBI’s annual balance sheet dated June 30, 2011, the said quantity of gold was in India as of then. The annual balance sheet released on June 30, 2014, also showed that the gold remained in India. However, the process to transport the gold overseas, away from the public limelight, began immediately after the Modi government came to power in May 2014. As per the annual audit report of 2015, a part of the said gold was kept at the Bank of International Settlements, Switzerland, while the rest remained in India. This transfer of India’s gold assets to a foreign country should have been in the public domain. The government is clearly hiding something, hoping that they would be able to avoid public scrutiny.
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