The Reserve Bank of India (RBI) on Dhanteras this year marked a significant step in safeguarding national assets by transporting an extra 102 tonnes of gold from the Bank of England to secure storage facilities in India. This major transfer, executed with utmost precision and secrecy, reinforces India’s commitment to strengthening its financial reserves domestically.
According to the Reserve Bank of India’s ’43rd Half-Yearly Report on Management of Foreign Exchange Reserves: April – September 2024,’ the RBI now holds a total of 854.73 metric tonnes of gold across both domestic and overseas storage facilities.
Of this total, 510.46 metric tonnes of gold are stored within India while 324.01 metric tonnes remain with the Bank of England and the Bank for International Settlements (BIS). Further, 20.26 metric tonnes are held as gold deposits.
Since September 2022, 214 tonnes of gold have been transferred to India as the RBI and the government focus on protecting national assets amid growing global geopolitical tensions. The report also shows that gold’s share in India’s total foreign exchange reserves rose from 8.15 per cent in March 2024 to around 9.32 per cent by the end of September 2024.
India, like many other countries, keeps a portion of its gold reserves with the Bank of England for easy access to the London bullion market. The Bank of England is the world’s second-largest gold custodian, following only the New York Federal Reserve.
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