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India recalls 100 tonnes of gold from Bank of England, may bring back still more
From The Times of India, Mumbai
Friday, May 31, 2024
NEW DELHI -- The Reserve Bank of India has moved a little more than 100 tonnes of gold from the United Kingdom to its vaults in the country, marking the first time at least since early 1991 when precious metal at this scale has been added to the stock held locally.
A similar quantity of gold may be headed in the country again in the coming months, with official sources telling the Times of India that the transfer to locations within the country was for logistical reasons as well as diversified storage.
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According to the latest data, at the end of March the central bank had 822.1 tonnes of gold, of which 413.8 tonnes were overseas. The RBI is among central banks that bought gold in recent years, with 27.5 tonnes added during the last financial year.
For a large number of central banks, the Bank of England traditionally has been the storehouse and India is no different, with some the yellow metal stocks lying in London from pre-independence days.
"The RBI started purchasing gold a few years ago and decided to undertake a review of where it wants to store it, something that is done from time to time. Since stock was building up overseas, it was decided to get some of the gold to India," an official said.
For most Indians, gold has been an emotional issue, especially after the Chandra Shekhar government pledged the precious metal to tackle the balance of payments crisis in 1991. While the RBI bought 200 tonnes of gold from the International Monetary Fund around 15 years ago, over the last few years a steady buildup in stocks has taken place through purchases by the central bank. ...
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