- RBI transferred 100 tonnes of gold from the UK to its domestic vaults in India.
- For the first time since 1991, RBI relocated more than 1 lakh kilograms of gold from the UK to India for logistical and storage reasons.
- This step will also assist RBI in saving storage costs that are paid to the Bank of England.
- In India, gold is stored in vaults located in the RBI’s old office building on Mumbai’s Mint Road and in Nagpur.
- As of March 31, 2024, the total gold held by the Reserve Bank was 822.10 metric tonnes.
- In August 1990, the then RBI Governor proposed keeping 15% of gold reserves abroad for emergency use. India’s foreign debt was approximately USD 72 billion in March 1990.
- 20 tonnes of gold worth USD 234 million were shipped abroad after government approval.
- The Bank of England has traditionally served as a repository of gold for many central banks, including India.
- The RBI has purchased 27.5 metric tons of gold in the last financial year.
