Finance, Forex and Investments

Is Indian currency on a Gold Standard or a fiat currency like US/Europe?

I would also like to know the affects of depression/deflation if it comes true in either cases. Is buying gold sensible or stacking money sensible in India?

Public Comments

1. The Indian Rupee is not on the gold standard (I don't believe there is any currency that is on the gold standard nowadays). The rupee used to be fixed to the British pound when that currency was on the gold standard. The decision to buy gold is a separate matter, and one that there is no single answer - just lots of opinions.