However, that would correspond to an article published three years ago in The Financial Express, which said that Indian households had amassed up to 20,000 tonnes to an all-time high of $ 1.16 trillion, based on the price of gold in 2012. The figure comes from World Gold. Council (WGC) which estimated that Indian households’ gold reserves at the time were 11 percent higher than the 18,000 tonnes it had previously set.
Gold has been flowing into India since the government last November removed restrictions on gold imports, including the 80:20 rule, which required gold traders to export 20% of the gold they mattered. In April, Reuters reported that gold imports had more than doubled to 125 tonnes in March, from 60 tonnes a year ago. Gold imports for the 2014-15 fiscal year, which ended in late March, increased 36 percent to 900 tonnes.
India, the world’s largest consumer of gold, is in 10th position among the 10 countries that hold the most gold in their central banks. The Reserve Bank of India holds 557.7 tonnes of the precious metal, against number 9, the Netherlands at 612.5 tonnes and Japan, ranked eighth, at 765.2 tonnes. The top 3 holders of gold are the United States with 8,133.5 tonnes, Germany with 3,384.2 tonnes and Italy with 2,451.8 tonnes, according to Profit Confidential which recently compiled a list.