bullion · 9 January 1963
Gold Control Order
Domestic gold premium and smuggling dynamics changed
ReportedPeer-reviewed. Source: general histories
Prime Minister: Jawaharlal Nehru
The Age Of Stars
Partition, planning, aid consortia and nationalised banks.
Vol. LXXXIXThe edition of 1963 · The Planned Republic5 records
- Prime Minister
- Jawaharlal Nehru
- President
- Sarvepalli Radhakrishnan
- Finance Ministers
- Morarji Desai · T. T. Krishnamachari
- RBI Governor
- P. C. Bhattacharya
Bank Rate
4.5%
+0.5 pts on 1962
Rupee per dollar
₹4.76
unchanged on 1962
Inflation
2.95%
−0.69 pts on 1962
GDP growth
5.99%
+3.06 pts on 1962
Reserves
$608m
+18.5% on 1962
Arabian Light
$1.8
unchanged on 1962
Trade & Tariffs
1 itemGold Control Order (Defence of India Rules, 1963-01-09)
Ban on primary gold forward trading and new gold ornaments above 14 carat
It aimed to cut smuggling and hoarding that drained foreign exchange.
ReportedPeer-reviewed. Source: general histories; Gold (Control) Act 1968 page
Courts & Scandal
1 itemmining / political funding
Serajuddin affair (mining firm payments; Mines & Fuel Minister K.D. Malaviya resigned 1963)
Minister resigned; amounts not extracted
UnconfirmedPeer-reviewed. Source: secondary histories
The Ledger: what was borrowed in 1963
Full ledger →| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| IMF | Stand-By 1963-07-09 to 1964-07-08 (100 agreed) | expired undrawn | verified | ||
| International Monetary Fund | Stand-by Arrangement, 1963-07-09 to 1964-07-08 | 100 SDR (USD at par) | 100 | Undrawn (0 of 100) | verified |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
