1  The BIS provides secretariat services to various committees and high-level meetings of central banks and supervisory authorities such as the Financial Services Board, the Basel Committee on Banking Supervision, the Committee on Payment and Settlement Systems, and the Committee on the Global Financial System. The BIS also functions as the study and research center for global finance and economics.
These measures are needed to enable the RBI and banks to enter into derivative contracts in gold. Further, it is not clear whether gold-denominated certificates and other gold-related products would be deemed to be a security in terms of Securities Contracts (Regulation) Act. There are also wide-ranging issues related to taxation.