Recently, the central bank i.e. Reserve Bank of India had informed about bringing back 100 tonnes of gold to India. Now RBI Governor Shaktikanta Das himself has told why this gold has been brought back.
After the Reserve Bank of India brought back 100 tonnes of gold to India, many media reports were speculating as to why so much gold was brought back to India. But, Reserve Bank Governor Shaktikanta Das has put an end to all these speculations. Further in this report, we will tell you what Shaktikanta Das has said about bringing back 100 tonnes of gold from England to India. It has also been said in many media reports that RBI will bring back more gold to India in the coming months.
Before this, the last time RBI brought back gold from England to India was in the year 1991. During this time India was facing a foreign exchange crisis, after which this decision was also criticized a lot. In 1991, the central government also mortgaged gold to raise dollars. About 15 years ago, RBI also bought about 200 tonnes of gold from the International Monetary Fund (IMF). This time the situation is completely opposite. At present, the Indian economy is in a strong and reliable position.
There can be many reasons behind this. A report in the Times of India said that RBI has taken this step due to logistical reasons. For some time now, there have been reports that central banks around the world, including India, are constantly buying gold. RBI has resumed buying gold a few years ago.
What did the RBI governor say?
Shaktikanta Das said that the central bank has brought 100 tonnes from England to India because India has sufficient capacity to store them. No other meaning should be drawn from this. Let us tell you that RBI reviews from time to time where it wants to store its gold. RBI keeps this gold in its old office at Mint Road in Mumbai and in Nagpur.
Shaktikant Das said, “Recent figures show that the Reserve Bank is buying gold as part of its reserves and its quantity is increasing. We have the capacity to store them domestically. Therefore, it has been decided to bring back the gold kept outside India and keep it in the country itself. That’s all. No other meaning should be drawn from this.”
How much gold does RBI have?
As of the end of March, RBI has a total reserve of 822.11 tonnes of gold. Out of this, 413.8 tonnes of gold is kept abroad. In the last financial year itself, RBI has bought about 27.5 tonnes of gold. In the recent past, RBI has shown interest in buying gold rapidly. As compared to the year 2023, RBI has bought about one and a half times the gold during January-March alone. This is being seen as a strategic move for a difficult and challenging situation.
Why is gold kept in England?
England has been the first choice of countries around the world to keep gold. India also does the same. India has been keeping gold in London since before independence. In fact, there is a trend of keeping gold abroad in view of theft, natural disaster or political instability. The Bank of England has a strong security system and special expertise in handling gold storage.
