YV Reddy wants gold's status in black & white

FORMER RBI GUV'S ADVICE
Government must come out with a comprehensive `gold policy' owing to its role in the economy and to handle the precious metal in a better way

GOLD A SAVIOUR
Reddy says it was confiscated gold from smugglers that was pledged in the international market to tide over the Balance of Payments (BoP) crisis in 1990

GOLD'S IMPORTANCE
Gold is the ultimate currency in the world though domestically possessing it is part of Indian culture and for women it acts like insurance

SMUGGLED GOLD
“Government of India had leased gold to SBI (during 1990 crisis). How did the Government of India come into possession of gold? Most of the gold was confiscated from smugglers. So smuggled gold, the confiscated gold came handy,“ says Reddy.