RBI Secretly Brings Home 102 Tonnes of Gold


RBI Secretly Brings Home 102 Tonnes of Gold

The transfer on Dhanteras from London’s Bank of England vaults is to ensure protection at home

 
gold

October 31, 2024 - The Reserve Bank of India (RBI) has said that it moved 102 tonnes of gold from the Bank of England’s vaults in London to secure locations within India on Dhanteras day, October 29. This was done amid heightened security and in a carefully planned secret mission using special flights.

The Bank of England, established in 1697, is the world’s second-largest gold custodian after the New York Federal Reserve. It is well known for its extensive gold storage facilities.

In May this year, RBI moved around 100 tonnes of gold from the Bank of England. And so a total of 214 tonnes have been moved to India since September 2022. By September end, the RBI had 855 tonnes of gold in its possession, 510.5 tonnes of which are now kept in domestic storage, according to its most recent report on foreign exchange reserves.

The Bank of England and the Bank for International Settlements together hold 324 tonnes of the RBI's gold holdings. Furthermore, around 20 tonnes are managed through gold deposit schemes.

The government and RBI are concentrating on safeguarding their assets in the face of escalating global geopolitical tensions. Many government officials are of the view that housing gold in India is a safer approach during these uncertain times.

Though the government is open to future shipments, officials indicate that no additional large-scale repatriations are planned for this year, reports say.

Source: Media Reports

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