The Hindu Business Line : PSUs sell non-monetary bullion

MUMBAI: The Government has sold about three tonnes of gold and about 200 tonnes of silver in the past one-and-a-half month through public sector undertakings, mainly MMTC and HHEC.

In January-end, the Government had announced the sale of its stock of non-monetary bullion (gold and silver) in the domestic market. Non-monetary bullion is not part of the reserves held by the Reserve Bank of India. A lot of 50 tonnes of silver a month and total of less than four tonnes of gold till March are planned to be sold.

"This is the second time that the Government is selling its non-monetary bullion in the market. In the early 1960s, the Government had sold the Hyderabad Nizam's gold and silver through the central bank," a local bullion dealer said.

The prices are determined each day and calculated on the basis of average bullion prices of the last seven market working days published in newspapers in Kolkata, Mumbai, Delhi and Chennai.

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