Gold · 2 June 1976
First IMF gold auction
IMF auctions ran 1976-06 to 1980-05 (≈25 mn oz)
Profits financed the Trust Fund. India was eligible but did not borrow in the first period.
ReportedOfficial record. Source: IMF "Gold in the IMF" factsheet
Prime Minister: Indira Gandhi
The Age Of Stars
Partition, planning, aid consortia and nationalised banks.
Vol. CIIThe edition of 1976 · The Planned Republic4 records
- Prime Minister
- Indira Gandhi
- President
- Fakhruddin Ali Ahmed
- Finance Minister
- Chidambaram Subramaniam
- RBI Governor
- K.R. Puri
Bank Rate
9%
unchanged on 1975
Rupee per dollar
₹8.97
+6.7% on 1975
Inflation
-7.63%
−13.38 pts on 1975
GDP growth
1.66%
−7.49 pts on 1975
Reserves
$3,729m
+80.6% on 1975
External debt
$14,586m
+5.2% on 1975
Trade & Tariffs
1 itemUrban Land (Ceiling and Regulation) Act 1976
Emergency-era ceiling on urban vacant land holdings.
ReportedOfficial record. Source: Act 33 of 1976
Courts & Scandal
1 itempetroleum import
Kuo Oil deal (IOC–Hong Kong)
ATTRIBUTED, NOT VERIFIED: the only source found is a personal scam-list blog (jayasreesaranathan.blogspot.com). It says IOC signed a INR 2.2 crore contract with a non-existent Hong Kong firm, with a kickback, on ministerial direction. The primary source would be Shah Commission Interim Reports II–III (1978), which I did not see.
UnconfirmedAttributed claim. Source: jayasreesaranathan.blogspot.com, "A List of Scams" (2010)
The Ledger: what was borrowed in 1976
Full ledger →| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| IMF Trust Fund (funded by profits from IMF gold auctions) | Concessional Trust Fund loan | India was on the list of eligible members but is not among the 43 borrowers in the first period (1976-07-01 to 1978-06-30). Second period (1978–81) not checked. Separately, a share of gold-sale profits proportional to quota (at 1975-08-31) went directly to developing members, India included. India's amount was not found. | verified |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
