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India brings back 102 tonnes gold

In a strategic effort to secure its gold reserves, the Reserve Bank of India (RBI) has recently repatriated an additional 102 tonnes of gold from the Bank of England, bringing India’s total domestic holdings to 510.5 tonnes out of the 855 tonnes held as of September 2023.

Navin Upadhyay by Navin Upadhyay
1 November 2024
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New Delhi:

Power Corridors bureau

In a strategic effort to secure its gold reserves, the Reserve Bank of India (RBI) has recently repatriated an additional 102 tonnes of gold from the Bank of England, bringing India’s total domestic holdings to 510.5 tonnes out of the 855 tonnes held as of September 2023.

RBI brings back 102 tonnes of gold back to India.
RBI brings back 102 tonnes of gold back to India.

This notable shift aligns with the government’s proactive stance on safeguarding assets amid escalating geopolitical uncertainties. Since September 2022, the RBI has steadily repatriated gold, moving 214 tonnes to India to date. The aim is to enhance the security and accessibility of reserves by keeping a significant portion on home soil, mitigating exposure to external risks.

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The recent shipment follows an initial repatriation of 100 tonnes from the UK in May 2023—the largest movement of gold reserves since the early 1990s, when India was forced to pledge its gold during a balance of payments crisis. To ensure safe transit, the RBI and the government executed a highly coordinated operation, deploying specialized aircraft and stringent security protocols, while securing exemptions to avoid customs or tax levies on the repatriated gold.

Although additional shipments are not expected this year, 324 tonnes of India’s gold reserves remain with the Bank of England and the Bank for International Settlements. The Bank of England, known for its secure vaults and access to the London bullion market, has traditionally been a trusted custodian for central banks globally. However, India’s decision to repatriate reflects an increasing preference for direct control over its assets.

Bank of England
Bank of England

Gold now comprises 9.3% of India’s total foreign exchange reserves, up from 8.1% in March 2023, underscoring the growing role of this valuable asset in India’s financial landscape.

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