India's central bank has moved around 100 tonnes of gold from the UK to its domestic vaults, with plans to relocate more soon, according to a TOI report. This significant transfer, the first since 1991, addresses logistical and storage diversity concerns. The RBI, which held 822.1 tonnes of gold as of March, coordinated closely with various government bodies and used special aircraft for secure transport
India's central bank has moved around a 100 tonnes, or 1 lakh kilograms of gold from the United Kingdom back to its vaults in India, and intends to move more in coming months, a TOI report claimed on Friday.
RBI faced severe criticism back in 1991 when it was forced to pledge part of its gold reserves as the country was undergoing a foreign exchange crisis. This is the first time since 1991 that India has moved such a heavy scale of gold.
RBI's appetite for gold has also increased recently, with the central bank buying 1.5 times more gold in January-April 2024 than whole of 2023. This is reckoned to be a part of strategic diversification of reserves in challenging times.
The RBI held 822.1 tonnes of gold, with 413.8 tonnes stored overseas as of March end, data shows. The RBI is among the central banks that have purchased gold in recent years, having added 27.5 tonnes in the last financial year.
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