Mumbai, India has shifted 100 metric tonnes of its gold stored in the UK in FY2014 to domestic vaults, sources said on Friday.
This is one of the largest movements of gold made by the country since 1991, when it was taken out of the vaults as a result of pledging a large part of the gold holdings to deal with the foreign exchange crisis.
According to official data, the country's total gold holding increased by 27.46 metric tons in FY 2024 and reached 822 metric tons.
Sources said a large portion of the valuables are stored abroad, adding that like other countries, India also has stake in the Bank of England.
The movement of 100 MT into India takes the total quantity stored locally to more than 408 MT, meaning the local and foreign share is now almost equally divided.More than 308 metric tonnes of gold in India is held as backing for notes issued, while another 100.28 metric tonnes of gold is held locally as assets of the banking department, according to the central bank's annual report released on Thursday for fiscal year 2014. Has been kept in the form.
The annual report states that out of the total gold reserves, 413.79 metric tons are present abroad.
According to sources, given the gold purchases over the last few years, a move to reduce holdings abroad has been taken which is part of the standard review procedures.
In 2009, India purchased 200 tonnes of gold from the International Monetary Fund, following which it has been purchasing the precious commodity from the secondary market as part of its foreign exchange asset diversification efforts.
According to sources, officials of the Finance Ministry, RBI and other agencies took care of the movement of gold with complete secrecy in view of the high value.Currently, the locally held gold is stored in high-security vaults in Mumbai and Nagpur, sources said.
This is one of the largest movements of gold made by the country since 1991, when it was taken out of the vaults as a result of pledging a large part of the gold holdings to deal with the foreign exchange crisis.
According to official data, the country's total gold holding increased by 27.46 metric tons in FY 2024 and reached 822 metric tons.
Sources said a large portion of the valuables are stored abroad, adding that like other countries, India also has stake in the Bank of England.
The movement of 100 MT into India takes the total quantity stored locally to more than 408 MT, meaning the local and foreign share is now almost equally divided.More than 308 metric tonnes of gold in India is held as backing for notes issued, while another 100.28 metric tonnes of gold is held locally as assets of the banking department, according to the central bank's annual report released on Thursday for fiscal year 2014. Has been kept in the form.
The annual report states that out of the total gold reserves, 413.79 metric tons are present abroad.
According to sources, given the gold purchases over the last few years, a move to reduce holdings abroad has been taken which is part of the standard review procedures.
In 2009, India purchased 200 tonnes of gold from the International Monetary Fund, following which it has been purchasing the precious commodity from the secondary market as part of its foreign exchange asset diversification efforts.
According to sources, officials of the Finance Ministry, RBI and other agencies took care of the movement of gold with complete secrecy in view of the high value.Currently, the locally held gold is stored in high-security vaults in Mumbai and Nagpur, sources said.
