RBI holds 557.75 tonnes of gold valued at about $27 billion as part of foreign exchange reserve
New Delhi: The Reserve Bank of India (RBI) is holding gold reserves of 557.75 tonne valued at $27.02 billion, Parliament was informed on Friday.
"As on 20 April 2012, the value of gold reserve was $27.02 billion, which accounts for 9.2% of foreign exchange reserves of $294.6 billion," Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
RBI holds 557.75 tonnes of gold as part of foreign exchange reserves. The gold held by RBI is revalued on monthly basis as per accounting policies, he said.
On whether the government has earned huge profit due to steep hike in global gold prices, Mr Meena said that gains and losses on valuation of gold due to movements in the price of gold are not taken to the profit and loss account but booked under a balance sheet head.
On steps taken to boost gold reserves in the coming years, Mr Meena said RBI had purchased 200 tonnes of gold at the cost of $6.7 billion from the International Monetary Fund (IMF) as part of the foreign exchanges reserves management operations in 2009.
The residential property in Delhi's upmarket Greater Kailash areas belongs to Fairgrowth Financial Services, one of the entities notified by the Custodian in the securities scam
The office of the Custodian, appointed under the Special Courts Act of 1992, has put a Delhi-based residential property of Fairgrowth Financial Services under the hammer. Fairgrowth is one of the entities notified by the Custodian under Section 3(2) of the Act in the 1992 securities scam.
The property, plot no E-162 in Greater Kailash area is a free-hold plot of about 250 sq yards together with two and a half storeyed residential building with a basement. The Custodian has not mentioned any reserve price for the property in the public notice released in the newspapers, but the earnest money deposit (EMD) for the bid is Rs50 lakh.
B Ratnakar, the late former chairman of Canara Bank, was the promoter-chairman of Fairgrowth . In his last interview ever in 1991, given to the Business Today magazine, Mr Ratnakar had articulated his vision to convert Fairgrowth Financial Services into a massive financial services conglomerate.
Fairgrowth was later bought over by Acharya Arun Dev, a controversial person who surfaced in 1994 to bail out the Harshad Mehta group by claiming ownership of the ‘benami’ shares they had introduced into the market. Mr Dev later sold Fairgrowth to one Karsanbhai Patel (not from Nirma). Mr Patel was allowed to take the company, but without touching properties and assets that were attached by the Custodian under the Special Court Act.
In 2002, the Fairgrowth issue was back in the Special Court , with the Custodian filing a contempt petition against the KK Patel management and seeking their imprisonment. It alleged that Mr Patel and company had no new business to speak of, but had instead transferred staff provident fund money and various dividends receivable by Fairgrowth into the new account.
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L Govind joins ICICI Securities from Reliance Capital and would look after structured products and corporate debt restructuring business
ICICI Securities Ltd appointed of L Govind as head for its structured products and corporate debt restructuring business. He joins ICICI Securities from Reliance Capital Ltd (RCL) where he monitored RCL’s investments in corporates (both debt and equity).
“Structured products and corporate debt restructuring is one of ICICI Securities key businesses and Govind’s wide experience in the area of corporate banking, credit and finance, asset reconstruction, including funding and recovery, and restructuring of distressed assets will further the relationship with our clients and strengthen our product offering,” said Ajay Saraf, executive director, ICICI Securities Ltd.
Mr Govind is a Post Graduate Diploma in Management from IIM Lucknow and also holds a BE degree in Mechanical Engineering from Vikram University, Ujjain. He is a visiting faculty at the Institute of Chartered Accountants in India as well as Institute of Company Secretaries. He is also winner of the Euromoney Award for Advanced Project Finance, conducted by Richard Tinsley, Faculty, Euromoney in Pune in 2001.