Dematerialise gold : RBI's Subir Gokarn
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Existing products like the gold exchange traded fund (ETF) are not working as the principal has to make 100 percent back-up of the underlying asset, which demands physical possession by the fund house. He suggested that they may also look at making it into partial holding.
Gokarn said, "There are prudential issues, transparency issues, apart from issues of risk and so on which have some regulatory implications and I think it is important to recognise what product features are permissible, are consistent with the regulatory environment and we have to find a way to balance the two and that is a part of the process."
On the rise in gold prices, Gokarn said the RBI, which bought around 200 tonne in 2008 at around USD 1,074 an ounce, has seen a 70 percent rise in its investment as gold is now hovering around USD 1,700 an ounce.
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