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Tuesday, Oct 22, 2002

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RBI warns against using `e-gold' as currency

Our Bureau

MUMBAI, Oct. 21

THE Reserve Bank of India (RBI) warned the public that `e-gold' is not a currency of any sovereign state and transactions with it is violative of current regulations in force in India. The apex bank has said in a press release here that some agencies and persons are wrongly creating an impression among the public that transactions involving e-gold, supposedly an electronic currency, has the status of a foreign currency and is freely permitted in India.

The RBI has cautioned the public, banks, money-changers and other financial institutions against the use of e-gold as a currency in their transactions.

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