RBI has Moved 1 Lakh kg of Gold from the UK to its Vaults in India

By Consultants Review Team Friday, 31 May 2024

According to a report which cited sources, the Reserve Bank of India (RBI) has transferred almost 100 tonnes (1 lakh kilos) of gold from the United Kingdom to its vaults in India.

This is the first time India has attempted a transfer of this magnitude of gold reserves since 1991.

About one-third of the RBI's gold reserves are kept locally, with the remaining more than half being held in safe custody with the Bank of International Settlements and the Bank of England abroad.

It should be mentioned that the RBI anticipates saving money by making this decision instead of paying the Bank of England's storage charges.

According to the yearly figures issued by the RBI, as of March 31, 2024, the central bank has 822.10 tonnes of gold in its foreign exchange reserves, up from 794.63 tonnes held at the same time the previous year.

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