Mumbai: The Reserve Bank of India has brought 100 metric tonnes of gold reserves from Britain to India as there is enough domestic storage capacity and nothing more should be taken out, Governor Shaktikanta Das said on Friday.
RBI transferred 100 MT of its gold stored in the UK to domestic vaults in FY24. 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.
Reserve Bank of India Governor Das said here that the quantity of gold stored outside had been stable for a long time.
He said, “In recent years, data shows that the Reserve Bank has been buying gold as part of its reserves and the volume has been increasing.“We have the domestic (storage) capacity.”
Therefore, it was decided to take some part of the reserves out of India to be stored within the country, he said, adding, "That is the point. Nothing more than this should be construed."
According to official data, the country's total gold holding increased by 27.46 MT to 822 MT in FY24.
Sources said that a large part of the valuables is stored abroad, like other countries India also has stake in the Bank of England.The movement of 100 metric tonnes into India took the total amount of gold stored locally to more than 408 metric tonnes, meaning local and foreign holdings are now almost equally divided.
According to the central bank's annual report for FY24 released last month, over 308 metric tonnes of gold is held in India as the backing of the notes issued, while another 100.28 metric tonnes of gold is held locally as assets of the banking department. Is placed.
The annual report states that out of the total gold reserves, 413.79 metric tons are present abroad.
RBI transferred 100 MT of its gold stored in the UK to domestic vaults in FY24. 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.
Reserve Bank of India Governor Das said here that the quantity of gold stored outside had been stable for a long time.
He said, “In recent years, data shows that the Reserve Bank has been buying gold as part of its reserves and the volume has been increasing.“We have the domestic (storage) capacity.”
Therefore, it was decided to take some part of the reserves out of India to be stored within the country, he said, adding, "That is the point. Nothing more than this should be construed."
According to official data, the country's total gold holding increased by 27.46 MT to 822 MT in FY24.
Sources said that a large part of the valuables is stored abroad, like other countries India also has stake in the Bank of England.The movement of 100 metric tonnes into India took the total amount of gold stored locally to more than 408 metric tonnes, meaning local and foreign holdings are now almost equally divided.
According to the central bank's annual report for FY24 released last month, over 308 metric tonnes of gold is held in India as the backing of the notes issued, while another 100.28 metric tonnes of gold is held locally as assets of the banking department. Is placed.
The annual report states that out of the total gold reserves, 413.79 metric tons are present abroad.
