On Dhanteras, India welcomes home 102 tonnes of gold from Britain
On Dhanteras, the Reserve Bank of India (RBI) transferred 102 tonnes of gold from Britain back to India. By the end of September, RBI’s gold reserves totaled 855 tonnes, with 510.5 tonnes now stored domestically. This update came from the RBI’s recent report on foreign exchange reserves management.
Between March and September 2024, the RBI repatriated this gold from the Bank of England and the Bank for International Settlements (BIS), bringing the total domestic holdings to 60% of its reserves. Since September 2022, RBI has repatriated 214 tonnes, including a prior transfer of 100 tonnes in May.
Historically, India had to mortgage gold in the early 1990s due to economic strain. This recent transfer marks the latest chapter in securing India’s gold, with strict protocols, special flights, and high security used to bring it home.
The RBI diversifies its gold storage locations globally to reduce risk from economic instability, disasters, or political shifts. Holding gold abroad can help countries recover if their own reserves face threats. By storing gold in multiple locations, RBI minimizes risks from unforeseen events and enhances overall security.
