Press Esc to close
Friday 31 October 2014
News updated at 9:05 PM IST
Weather
Max: 28.4°C
Min : 18°C
In Bangalore
Partially cloudy

Did not advocate auction of country's gold stocks: Sharma

New Delhi, Aug.29, 2013, (PTI):
File photo.

Commerce Minister Anand Sharma today said he had not advocated auction or mortgaging of country's gold stocks and only suggested that RBI look at 'monetising' the reserves to contain the widening current account deficit.

"I have not said that there should be an auction or mortgage of gold. All I had said was that RBI should look into the benefits of issuing (gold) bonds or monetising the stock," he said in Rajya Sabha.

The response came after Satish Chandra Mishra (BSP) raised the issue of Sharma's reported statement outside Parliament.


Sharma said he had only said that RBI should consider monetising gold. He, however, did not elaborate on what he meant by monetising of the reserves.

"I have not said that there should be auction or selling of gold," he said.

Sharma had said on Tuesday that "It is for the banking secretary, bankers and the RBI to see how you can monetise gold, (from) the country with over 31,000 tonnes of declared gold. That is the declared part. So, even if 500 tonnes is monetised, then in today's value, I think it takes care of CAD."

He had said that this "decision (of monetising gold) is beyond me... but I am just pointing in that direction. Can we do something there? I think we can, because you have to think out of the box."

Go to Top

Photo Gallery
A view of the statue of Sardar Vallabhbhai Patel on the occasion of his birth anniversary...

A view of the statue of Sardar Vallabhbhai Patel on the occasion of his birth anniversary...

Congress President Sonia Gandhi and Rahul Gandhi paying tribute to former Prime Minister...

Congress President Sonia Gandhi and Rahul Gandhi paying tribute to former Prime Minister...

Artists perform during a function on the occasion of birth anniversary of Sardar...

Artists perform during a function on the occasion of birth anniversary of Sardar...

Members of Thamizhar Vazhvurimai Koottamaippu during a protest against Sri Lankan court's...

Members of Thamizhar Vazhvurimai Koottamaippu during a protest against Sri Lankan court's...

Indian cricket players during their practice session at barabati stadium in Cuttack...

Indian cricket players during their practice session at barabati stadium in Cuttack...

Delhi Police band performs at India Gate near Amar Jawan Jyoti to salute Sardar...

Delhi Police band performs at India Gate near Amar Jawan Jyoti to salute Sardar...

Army soldiers patrolling after an IED was recovered in a gas cylinder near the Circuit House...

Army soldiers patrolling after an IED was recovered in a gas cylinder near the Circuit House...

Tourist take pictures from a boat as people bath in the Ganges river in Varanasi...

Tourist take pictures from a boat as people bath in the Ganges river in Varanasi...

Devendra Fadnavis being sworn-in as the new Maharashtra Chief Minister by Governor...

Devendra Fadnavis being sworn-in as the new Maharashtra Chief Minister by Governor...

A camel herder sits as he feeds his camels at the annual cattle fair in Pushkar, in the Rajasthan...

A camel herder sits as he feeds his camels at the annual cattle fair in Pushkar, in the Rajasthan...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523