The Reserve Bank of India has brought back more than 100 tons of gold from Britain to India. This gold will be kept in the Reserve Bank’s reserves. But do you know where the Reserve Bank of India keeps so much gold? Today we will tell you where India has kept the 100 tons of gold brought from Britain.
Gold
Let us tell you that more than half of the RBI’s gold reserves are kept safely abroad with the Bank of England and the Bank of International Settlements. About one-third of it is kept domestically. But now India is bringing back its gold and keeping it in reserves. It is worth noting that the Reserve Bank of India has brought back more than 100 tons of gold from Britain to the country. According to a Business Today report, the same amount of gold can be brought back to the country again in the coming month. In fact, bringing gold from Britain to India will also help the Reserve Bank of India save storage costs, which is paid by the Bank of India.
Gold was mortgaged
According to the annual data released by the Reserve Bank of India, as of March 31, 2024, the central government had 822.10 tonnes of gold as part of its foreign exchange reserves. But in the year 1991, the Chandrashekhar government had mortgaged the gold to deal with the balance of payments crisis. According to the information, between 4 and 18 July 1991, the RBI had mortgaged 46.91 tonnes of gold with the Bank of England and the Bank of Japan to raise $ 400 million.
According to the information, in the year 1991, the country did not have foreign currency left to import. At that time, India had taken a loan of $ 2.2 billion by mortgaging its 67 tonnes of gold. Former Governor C Rangarajan has told in his book that the government had decided to pledge gold, the gold was sent to England through a charter plane from Mumbai airport. After this, India got the pledged gold released, after which the country’s foreign exchange reserves also gradually increased.
Where does RBI keep gold?
Now the question is where does RBI keep so much gold. According to the information, gold is kept in the RBI building located on Mint Road in Mumbai and in the vaults located in Nagpur. According to the report of the World Gold Council, global central banks have about 17 percent of all the gold mined so far.
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