Comment: Indian central bank's candid objective: to 'dematerialize' gold.

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Indian central bank's candid objective: to 'dematerialize' gold.

Making it only imaginary. 2012-11-25

If only India would try "dematerializing" its central bank instead.

India Reserve Bank Official Supports 'Dematerialisation' to Arrest Rising Gold Demand.

[No word on arresting Central Bankers.]

Economic Times (Times of India, Mumbai) November 25, 2012
PUNE, India
-- Reserve Bank Deputy Governor Subir Gokarn today said there is a need to "dematerialise" gold like any other financial product to reduce its physical imports, the rise of which has been blamed for the high current account deficit that is feared to touch new record high this year.

High gold imports are "creating some macroeconomic stresses and so the challenge is to find ways to replicate the financial characteristics of gold without necessarily causing physical importing," Gokarn told the last day of the two-day annual Bancon conference here.

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