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RBI plans new financial products for gold-like returns

By: Manish(Source: Business Line), Place: Kolkata,  Update:12 Jul 2012

RBI plans new financial products for gold-like returns

Kolkata, July 12:  The Reserve Bank of India is considering financial instruments that mimic the returns on gold, Mr Anand Sinha, Deputy Governor of the RBI, said.

According to him, this is primarily aimed at curbing current account deficit.

“Gold import has been a substantial part of current account deficit; therefore, it is being looked at what best can be done. Import is one aspect, the other aspect is that the gold that is already existing in the country can be brought out to satisfy the demand by devising financial instruments which can mimic the returns on gold,” Mr Sinha told reporters here on Thursday.

“So, several proposals are there. There is a committee that is looking into all the aspects,” he added.

He was attending a national conference on micro, small and medium enterprises organised by city-based Indian Chamber of Commerce.
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