The economic powers in the world were amazed last week when India purchased 200 tonnes of gold from International monetary fund(IMF).This purchase needed an investment of Rs.35,000 crores.India also announced that it is ready to purchase still more gold, if need arises.With this purchase, India reached 10^th place among the top stockers of gold, in the worldIt has now 557.5tonnes of gold in its foreign exchange reserve stock.It mekes 6% of its total foreign exchange stock.

Name of the country Gold Stock in tonnes % of gold in its Forex.reserve

1.U.S.A.                          8133.5                                          77.4 %

2 Germany                       3408.3                                        69.2 %

3 Italy                              2451.8                                          66.6%

4 France                        2445.1                                           70.6 %

5. China                       1054.1                                             1.9%

6 Switzerland                1040.                                                29.1 %

7 Japan                        765.2                                                 2.3 %

8 Holland                     612.5                                                 59.6 %

9 Russia                     568 .4                                                  4.3 %

10 India                     557 .7                                                   6 %

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Top ten countries in forex reserve are the following:

1.China-with Rs.113 lakh crores($1=Es.50/-)

2.Eurozone - Rs.50.9 lakhs crores

3. Russia- Rs.26.5 lakhs crores

4.Taiwan Rs.16 lakh crores

5. India Rs. 14.2 lakh crores

6 South Korea Rs Rs. 12.7 lakh crores

7 Hong Kong Rs. 11.65 lakh crores

8 Brazil Rs.11.6lakh crorea

9Germany Rs. 9.2 lakh crores

10 Singapore Rs. 9.1 lakh crores

GOLD STOCK RESERVE IN THE WORLD

In t In the world, 108 countries have a total stock of 41,000/- tones of gold in their central banks.Apart from this, private and institutional investers have 1,750 tonnes of gold.

Till 2006, 1,58,000/- tonnes of gold was extracted from earth.As one tonne gold costs about $30 crore, the approximate market value of this gold wpuld be $47.4 lakh crore.

GOLD STOCK AT IMF

It IMF as at present has 3,217 tonnes of gold.The market value could be easily calaculated on the basis of value given above.

But the value of gold at IMF is not valued at market rate.There are various hurdles in its constitution to calaculate it that way.Presently, the value is calaculated at 1976 rate.

INDIA- EMERGING FINANCIAL POWER

In 19 once upon a time, in 1990s, India had only forex reserve enough for just 3 weeks. Then, having no other way,India had to mortegage its gold, to pay off its loan instalments.It pledged it with Bank of England, and faced bitter criticism from opposite parties in the country..

But no Now, the situation is entirely changed.It s having so much reserve and so much gold stock. From any angle, India is now a strong economic power.

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