In this, the central bank can be an honest broker between the government and the public and even the parliament.”  BIS Review 3/2006  3  Perhaps, it is possible to illustrate, with a bit of lack of modesty, how this has been done, with a quote from Mr. S. S. Tarapore 1 , my predecessor as Deputy Governor: “While I have been assigned the task of talking about gold and capital account convertibility, before doing so I would, for a moment, like to refer to some developments prior to the setting up of the committee on Capital Account Convertibility (CAC).
When the definitive history of India’s policy on gold is written up, the speech by Dr. Y. V. Reddy, Deputy Governor, Reserve Bank of India, at the World Gold Council Conference on 28 November 1996 will stand out as a watershed as it is perhaps the only speech by a senior Indian official which squarely takes on issues on gold policy and it will be appropriately recorded as a forerunner of major policy change.