New Delhi. The gold bought by India will no longer be kept in the vaults of the Bank of England. Rather, it will now be kept in the wallets of the Reserve Bank of India (RBI). Under this scheme, 1,000 quintals of gold bought by the RBI in England has been brought to India. Many countries keep their gold in the vaults of the Bank of England.
For this, they also have to pay a fee to the central bank of Britain. India is also paying this fee. People aware of the matter say that India will bring back the gold kept in England right now. The Bank of England is the second largest storekeeper of gold in the world.
The RBI started buying gold a few years ago and decided to review where it should store it. Since more stock of gold was accumulating abroad, it was decided to bring some gold to India. This is the first time since early 1991 that India has added such a large amount to its domestic gold reserves.
In 1991, due to the poor condition of the Indian economy, India had to mortgage its gold. But now the situation is completely opposite and India is buying gold rapidly.The same amount of gold can come to the country again in the coming months. According to a media report, a consignment of 100 tonnes of gold kept abroad can be brought to India soon.
As of the end of March 2024, the Reserve Bank of India had 822.1 tonnes of gold. Out of this, 412.8 tonnes of gold was stored in other countries. That is, about half of India’s total gold is kept in the vaults of other countries.
The Reserve Bank of India is among the top central banks in the world rapidly increasing its gold reserves. In the last financial year, RBI bought 27.5 tonnes of gold. This shows the strength and confidence of the economy.
