Reserve Bank of India said it had bought 200 tonnes of Gold from the International Monetary Fund(IMF) from which it borrowed that year to tide over a severe balance of payments crisis. The RBI now has the tenth largest gold reserve in the world after spending $6.7 billion (about Rs.32000/- crore) after buying nearly half of the 403.3 tonnes put on Sale by IMF which shed one tenth of its yellow metal reserves to help lending to poor countries.
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The Proportion of gold as part of India’s foreign reserves of $285.5 billion had fallen over the past decades to a mere $10.3 billion.
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