RBI transferred 100 tonnes of gold from the UK to its domestic vaults in India
Current Hunt Team
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.
