RBI Repatriates 100 Tonnes of Gold from UK Vault to India

New Delhi 01 June (VNI )The Reserve Bank of India (RBI) has repatriated 100 tonnes of gold from the UK to India, marking a significant shift in its economic strategy. This move means the RBI will now store the majority of its gold reserves domestically.

This policy change carries substantial implications for India's economic autonomy and the global market landscape. Traditionally, many countries store their gold in institutions like the Bank of England, incurring fees for these services.

Currently, India possesses substantial foreign exchange reserves, sufficient to cover up to 11 months of imports. As of March 31, 2024, the RBI's total gold reserves stood at 822.10 metric tonnes, an increase from 794.63 metric tonnes in the same period the previous year