Negligence of RBI, or is it criminal culpability?

Discussion in 'Economy & Infrastructure' started by pmaitra, Mar 30, 2014.

  1. pmaitra

    pmaitra Moderator Moderator

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    Negligence of the Reserve Bank of India, or is it criminal culpability?

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    Reserve Bank of India logo

    In short, the Reserve Bank of India, must, at all time, have no less than 85% of its bullion reserves within India. In other words, it must not hold more than 15% of its reserves outside the country. This is as per the requirements of the Reserve Bank of India Act of 1934, Section 33(5).

    The Reserve Bank of India violated that law by holding more than 15% of its reserves with Bank of England (London) and Bank of International Settlement (Geneva).

    Source: RBI gets HC notice to explain gold deposits with Bank of England - Pune Mirror,Pune Mirror

    Reserve Bank of India Act of 1934
    Here is a link to Reserve Bank of India Act of 1934: http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/RBIAM_230609.pdf

    [HR][/HR]

    Does anyone have any idea whatever happened to that 265.49 tonnes of gold? Did they bring it back to India yet?
     
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  3. hit&run

    hit&run Elite Member Elite Member

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    There is no such concept of 'criminal culpability' in India for public institutions. In India ''Sab kuch chalta hai'' mentality prevails.

    BTW it could be simply a case of some thing sinister being hid from population and books being cooked heavily.
     
  4. Ray

    Ray The Chairman Defence Professionals Moderator

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    India is a free wheeling country where the Govt and its agencies are beyond the law!
     
  5. Peter

    Peter Senior Member Senior Member

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    We don't know if it has been brought back or not.Maybe we will never know.
     
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  6. pmaitra

    pmaitra Moderator Moderator

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    @sayareakd Sir,

    Would it be possible for you to get details about the PIL filed by Mr. Kelkar? What is the status of the case now? This was filed in Bombay High Court, so you might be able to access the details easily.

    Thanks in advance.
     
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  7. pmaitra

    pmaitra Moderator Moderator

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  8. pmaitra

    pmaitra Moderator Moderator

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    @Bangalorean, please Tweet this to Mr. Modi. The URL will be truncated to 22 characters, and the total length will be under 140 characters.

     
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  9. DingDong

    DingDong Senior Member Senior Member

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  10. pmaitra

    pmaitra Moderator Moderator

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  11. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    Done, tweeted to him.
     
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