RBI brings home 102 tonnes of gold from Bank of England on Dhanteras: Report

The Reserve Bank of India (RBI) has moved an additional 102 tonnes of gold from the Bank of England vaults in London to secured locations within India, marking a continued effort to consolidate the nation’s gold holdings domestically, The Times of India reported.

As of the end of September, India’s central bank held 855 tonnes of gold, with 510.5 tonnes now kept within the country, according to the latest report on foreign exchange reserves. Since September 2022, a total of 214 tonnes have been repatriated as the RBI and the government prioritise securing the reserves domestically. The report adds that officials believe it is safer to maintain a significant portion of the nation's gold reserves within the country.

The transfer is part of a broader movement strategy initiated in May, when 100 million tonnes were repatriated from the UK, marking the largest shift since the 1990s when gold was pledged abroad to resolve a balance of payments crisis, as per the TOI report.

Like the previous transfer, the operation was kept highly confidential, involving special aircraft and enhanced security measures to prevent leaks, and required tax exemptions for the shipments. While further transfers have not been ruled out, authorities indicate that significant shipments are unlikely for the rest of the year.