To keep gold prices under check, the practice of giving gold as dowry or as an offering at religious places must be reduced, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.

“Gold has no intrinsic value and yet the demand for it keeps rising. We must remember that offering gold as dowry or to God must be reduced. Indians must offer 2 karat gold instead of 24 karat for religious purposes,” Dr Chakrabarty said at a regional banking summit.

Emphasising the need for a social revolution in India, the deputy governor said “the culture of wearing gold ornaments was when we were a rich country but now that we are poor, we cannot continue the same.”

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(This article was published in the Business Line print edition dated July 22, 2012)
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