On Dhanteras, the Reserve Bank of India reported that it has moved 102 tonnes of gold from the vaults of the Bank of England in London to safe places within the country.
A new report on the management of foreign exchange reserves has shown that out of the 855 tonnes of gold held by the RBI at the end of September, 510.5 tonnes of gold was kept in safe custody in the country.
214 tonnes of gold brought into the country since September 2022
214 tonnes of gold have been brought into the country since September 2022. Amid rising geopolitical tensions around the world, the government wants to keep gold safe. Many in the government believe that keeping gold at home is safer.
100 tonnes of gold was also brought into India in May
Earlier, a report on May 31 said that 100 tonnes of gold had been brought into India from the UK. In the early 1990s, India's economic situation weakened and they had to pawn their gold. This was the first time that so much gold had come back to India.
Like last time, the RBI and the government had conducted a secret mission with special aircraft and security arrangements to bring gold to the country. Care was taken to ensure that no information was leaked to keep the gold safe.
RBI keeps gold abroad as well as in India
RBI keeps gold not only in India but also abroad. Central banks of all countries want to keep gold in different places, so that the risk can be reduced. The safety of gold is kept in mind first.
If the economic situation in India deteriorates due to disaster or political instability, then gold kept abroad comes in handy to overcome it. Natural disasters can also damage gold reserves. Keeping gold in different places reduces this risk.
Britain is a gold warehouse for many central banks
Britain's Bank of England has traditionally been the gold warehouse for many central banks. Some gold was stored in London before India's independence, because before independence, Britain kept India's gold in the Bank of England, so even after independence, India kept some gold in London.
About 324 tonnes of India's gold in the Bank of England
Now 324 tonnes of gold are kept in the safe custody of the Bank of England and the Bank for International Settlements. Many countries keep their gold in the Bank of England. It is the second largest gold custodian after the New York Federal Reserve.
The UK's Bullion Warehouse was built in 1697
Bullion Warehouse- Built in 1697 and later expanded to store gold from Brazil to Australia and from California to South Africa. There are about 4 lakh gold bars in it. In September, there were about 5,350 tonnes of gold in these vaults.
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Gold maintains economic stability, so it is stored
If a country's currency weakens internationally, then gold reserves help the country maintain its purchasing power and its economic stability. In 1991, when India's economy was sinking and it did not have dollars to import goods, it raised money by pledging gold and came out of this financial crisis.
