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The committee recommended that the official Indian rupee be based on the gold standard and the official exchange rate of the rupee be established at 15 rupees per British sovereign, or 1 shilling and 4 pence per rupee. [2] The British Imperial Government accepted the recommendations of the commission in July 1899. [2]
Dattatrey D. Phuge (14 July 1968 – 14 July 2016) was an Indian businessman and millionaire. He gained fame in 2012 after having a $240,000 customized gold shirt made, earning him the nickname Gold Man, and Pimpri Goldman. [1] Phuge was murdered by being beaten to death on the 14th July 2016 over a financial dispute. [2] [3] [4] [1] [5]
The Gold (Control) Act, 1968 is a repealed Act of the Parliament of India which was enacted to control sale and holding of gold in personal possession. High demand for gold in India with negligible indigenous production results in gold imports, leading to drastic devaluation of the Indian rupee and depletion of foreign exchange reserves to alarming levels.
The BIS system of hallmarking of gold jewellery began in April 2000. The standard specifications governing this system are IS 1417 (grades of gold and gold alloys, jewellery/artefacts), IS 1418 (assaying of gold in gold bullion, gold alloys and gold jewellery/artefacts), IS 2790 (guidelines for manufacture of 14, 18 and 22 carat gold alloys only ), IS 3095 (gold solders for use in manufacture ...
These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g., the U.S. dollar, the euro, the pound sterling, the Japanese yen, the Swiss franc, the Indian rupees and the Chinese renminbi) and which are used to back its liabilities (e.g., the local ...
India was forced to sell dollars to the extent of close to US$35 billion in the spot markets in Financial Year 2009 due to 22% depreciation in rupee (against the dollar) in the same fiscal year 2009. In 2009, India purchased 200 tonnes of gold from the International Monetary Fund, worth US$6.7bn (€4.57bn, £4.10bn). [15]