How India pledged gold during the 1991 crisis- an insider account..

Dr C Rangarajan, the deputy governor of Indian central Bank during 1991 was pretty much behind the whole episode.

He narrates the tale. This bit on logistics is typical drama from a Bollywood movie:

The entire episode was not without its drama. For example, when any commodity is sent out of the country, the nature of the commodity has to be declared. I spoke with the commissioner of customs and a special authorisation from the finance ministry was obtained to send the gold without such a declaration. As one of the consignments had an intermediate stopover, a sudden doubt arose whether this was covered by insurance. On a Sunday, I had the office opened to check the policy and was relieved to find that it had a “Vault to Vault” insurance cover. Finally, when the gold was moved from the vault of the Bombay office to the airport, the movement along the road was closely monitored. In the case of one large consignment, the bullion van had to stop because of a suspected tyre burst in one of the cars in the convoy. Fortunately, before much commotion could happen, the convoy resumed.

🙂

Nice bit from history..

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