RBI's Diwali mission: Secretly get 102 tonnes of gold from England to India

The RBI held 854.73 metric tonnes of gold in both domestic and overseas storage facilities, with 510.46 metric tonnes held domestically

Published on: Oct 31, 2024, 09:42:15 IST

By HT News Desk

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The Reserve Bank of India (RBI) announced On Dhanteras (October 29, 2024) it has transported an extra 102 tonnes of gold from the Bank of England to secure storage facilities in India. RBI had a meticulous plan to securely, and discreetly, transport the gold.

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. (Danish Siddiqui/Reuters)

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The RBI held 854.73 metric tonnes of gold in total from both domestic and overseas storage facilities, according to its report titled, '43rd Half Yearly Report on Management of Foreign Exchange Reserves: April - September 2024.'

Out of this, 510.46 metric tonnes were held domestically and 324.01 metric tonnes of gold kept in the custody of the Bank of England and the Bank for International Settlements (BIS). 20.26 metric tonnes were also held in the form of gold deposits.

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This means that about 214 tonnes were brought back to India since September 2022 with the government increasing its priority to safeguard its assets amid geopolitical tensions seen globallly. In May, around 100 tonnes were brought back from the Bank of England.

This is also because the share of gold in India's total foreign exchange reserves increased from 8.15% at the end of March 2024 to about 9.32% at the end of September 2024, according to the report.

Why does India as well as other countries store gold with the Bank of England?

The RBI stores gold in England primarily due to the immediate access to the London bullion market. The Bank of England still remains the world's second-largest custodian of gold after the New York Federal Reserve.

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HT News Desk
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