RBI brought back 100 tonnes of gold from britain after 31 years
RBI gold Storage: The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has brought this gold back by special aircraft, which will be kept under high security in the RBI office in mumbai and the vault in Nagpur.
RBI gold Storage: RBI brought back 100 tonnes of gold from britain after 31 years, know why it was mortgaged in 1991
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RBI gold Storage: The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has started bringing back its gold deposited abroad to the country. For the first time after the then central government mortgaged the gold in britain in 1991, the RBI has brought back 100 tonnes of gold from there. This is the first time in the last 31 years that the Reserve bank has brought back its gold in such a large quantity. This gold was kept with the bank of england and the bank of international Settlements in britain, where the RBI keeps half of its gold reserves. However, in return, RBI has to pay storage fees to these banks. After pledging this gold, for the first time RBI has made it a part of its stock.
Where will such a large amount of gold be kept?
RBI has brought back 100 tonnes i.e. about 1,000 kg of gold from Britain. This gold is kept in RBI's old office on Mint Road and in RBI vaults in Nagpur, where the Reserve bank keeps one-third of its gold reserves under high security surveillance.
How has this gold been brought to India?
The Finance Ministry, RBI and many other government departments have worked together to bring gold from britain to India. The gold has been brought back in a special aircraft amid high security. For this, RBI has got customs duty exemption on this gold from the central government, but it has to pay Integrated GST.
Central banks have 17 percent of the world's gold, what is India's share
Recently a report of the World gold Council came, in which it was told that by the end of the year 2023, central banks have about 17 percent of the total gold of the world. This gold stock is more than about 36,699 metric tonnes. If we talk about the share of the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india in this, then it has about 822.10 tonnes of gold. Giving this information on march 31, 2024, RBI had told that this gold present in the form of foreign exchange reserves was 794.63 tonnes on march 31 last year i.e. in 2023. To avoid currency risk, RBI has been continuously investing in gold since december 2017. At the end of april 2024, the share of gold in the country's total foreign exchange reserves has been 8.7 percent.
Gold is kept abroad not only for mortgage but also for safety
When india was caught in an economic crisis, in 1991, the central government led by the then prime minister Chandrashekhar mortgaged 46.91 tonnes of gold with the bank of england and the bank of japan between 4 and 8 July 1991. However, about 50 percent of the total gold stock of the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india is deposited abroad. This does not only include mortgaged gold, but RBI has also kept its gold abroad from the point of view of security in situations like civil war due to any disaster or political upheaval in the country. Actually, the gold reserves can be damaged in any natural disaster. For this reason, all the gold is not kept at one place but is stocked at different places.
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