India has the 10th largest gold reserve in the world, as high as 557.8 tonnes. Here is a look at how much gold is produced, imported, and recycled.
Gold Importing in India
In 2015, India imported 950 tonnes of gold to meet its gold demand.
Who can import gold in India?
The precious metal is of extremely high value. Hence, there are strict rules as to who all can import gold in the country. It is monitored and controlled by the top agencies of the country that are specially authorised for it. These include The Reserve Bank of India (RBI), the DGFT, and the Ministry of Finance. They have complete control over who can import gold in the country. There are certain agencies such as banks and trading houses that can import gold. The list below specifies the various companies that import gold.
Gold Recycling in India
Gold Mining in India
India produced around 90 tonnes of gold between 1947 and 2014, as per the Indian Bureau of Mines . All this was from Hutti gold mines, the sole provider.
Gold standard is a fiscal system which links the value of a country's legal tender to gold. Under the terms of this standard, countries agree to convert currency into a certain amount of gold. A country following the gold standard decides a fixed price for gold based on various market conditions and buys and sells gold at that price. That price has a bearing on the value of the currency.
Enter an amount to find out its value in gold
Please enter numeric amount
of gold today