New Delhi, May 31, 2024.
The Reserve Bank of India (RBI) has moved approximately 100 tonnes (1 lakh kilograms) of gold from the United Kingdom to its vaults in India, Business Today reported, quoting sources.
This is the first time since 1991 that India has undertaken such a large-scale transfer of gold reserves.
More than half of the RBI’s gold reserves are held overseas in secure custody with the Bank of England and the Bank of International Settlements, while approximately a third is stored domestically.
It may be noted that the move is expected to help the RBI save on storage costs currently paid to the Bank of England.
The central bank held 822.10 tonnes of gold as part of its foreign exchange reserves as of March 31, 2024, an increase from the 794.63 tonnes held at the same time last year, according to the annual data released by the RBI.