New Delhi, Feb. 10 -- Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha that India's rising gold reserves, including those held by the Reserve Bank of India (RBI), is not intended to replace any international currency.

She responded to Congress MP Manish Tiwari's concerns about whether the global shift towards gold signaled a move away from the US dollar as a dominant settlement mechanism.

The Finance Minister said, "Gold is also kept in the Reserve Bank and gold is also being bought by the Reserve Bank. But beyond that, as regards an international currency or potential currency, there is not much for me to comment at this stage".

Congress MP Tiwari stated that since the US abandoned the gold standard in 1971, go...