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Date: 21/10/2002
e-Gold Violative of Indian Rules : RBI

It has been brought to the notice of the Reserve Bank of India that an impression is sought to be created among the members of public by some agencies/persons that transactions involving "e-gold", purportedly an electronic currency, are freely permitted in India and that "e-gold" has the status of a foreign currency. The Reserve Bank has also come across a recent pamphlet on the subject, circulated along with a newspaper, which states that non-resident Indians use "e-gold" to send remittances into India.

The Reserve Bank clarifies for the information of public that "e-gold" is not a currency of any sovereign state. Use of "e-gold" in any transaction is violative of current regulations in force in India. Members of the public, banks, money changers and other financial institutions are, therefore, cautioned against the use of "e-gold" as a currency in their transactions.

Alpana Killawala
General Manager

Press Release : 2002-03/409

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