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RBI Transfers Over 100 Tonnes (1 Lakh Kg) of Gold from UK to India for First Time Since 1991

May 31, 2024, 04:58 AM

The Reserve Bank of India (RBI) has transferred over 100 tonnes (1 lakh kg) of gold from the United Kingdom to its domestic vaults. This marks the first such move since 1991, when India pledged its gold to manage a financial crisis. The transfer, which involved months of planning, coordination, and security arrangements, is aimed at diversifying storage and logistical reasons. With this move, approximately 50% of India's gold reserves are now held domestically. The gold was previously held in safe custody with the Bank of England and the Bank of International Settlements.