RBI plans to swap old gold in Nagpur vault with purer variety
By GCRU Gold News on Thursday, July 3 2014, 01:10 - Permalink
Old isn't always gold — at least, not for the Reserve Bank of India (RBI). There is a plan to swap some of the old gold lying in RBI's Nagpur vault since pre-Independence times — and whose quality is not exactly top grade — with purer gold.
The country's monetary authority has sounded out large lenders and international bullion banks to strike 'location swap' deals. While the primary aim is to improve the quality of India's foreign exchange reserves, the move would ease the supply of ..