The transfer was executed with utmost secrecy and stringent security measures, utilizing specialized aircraft and secure protocols.
Dhanteras 2024: In a significant move, the Reserve Bank of India (RBI) has successfully transferred 102 tonnes of gold from the Bank of England's vaults to secure facilities in India. This relocation reflects the central bank's strategy to maintain valuable assets closer to home.
Since September 2022, India has repatriated a total of 214 tonnes of gold, underscoring the RBI’s commitment to bolstering domestic reserves. Currently, the RBI holds 855 tonnes in total, with 510.5 tonnes stored within the country. This shift is a response to rising geopolitical uncertainties and aligns with the government’s objective to enhance security through better asset management.
The decision to bring these gold reserves home coincides with escalating international tensions and economic challenges. Government sources indicate that local storage provides an additional layer of security for these vital assets.
The transfer was executed with utmost secrecy and stringent security measures, utilizing specialized aircraft and secure protocols. This careful approach showcases the government’s dedication to protecting sensitive information and resources, particularly amid a complex global landscape.
This is not the first instance of large-scale gold repatriation; earlier this year, India moved 100 tonnes from the Bank of England, marking one of the most significant relocations since the 1990s. Unlike the past, when gold was pledged as collateral during a financial crisis, this current move is part of a proactive strategy.
Currently, 324 tonnes of India’s gold reserves remain with the Bank of England and the Bank for International Settlements in the UK. While London has historically served as a reliable custodian for central banks, sources indicate that further gold repatriations from the UK may not occur this year.
Gold now constitutes 9.3% of India’s total foreign reserves, an increase from 8.1% in March, buoyed by rising global gold prices. The current market price is around Rs 78,745 per 10 grams in Mumbai, with analysts forecasting a potential rise to Rs 85,000 per 10 grams in the coming year due to heightened investor interest amid economic uncertainty, particularly in conflict-prone regions like the Middle East.
