The Reserve Bank of India has brought home a little over 100 tonnes of gold from the UK, the Times of India reported.
Gold at such a scale was added to the central bank treasury last in 1991, the report added. A similar quantity of the metal may be added to the RBI stock over the next few months for logistical reasons and diversified storage.
Moneycontrol couldn't independently verify the report.
At the end of March, the RBI had 822.1 tonnes of gold in reserve, of which 413.8 tonnes were overseas. Central banks bought gold world over in recent years, with 27.5 tonnes added during FY23.
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“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,” the daily quoted an official as saying.
The RBI got a customs duty exemption to ship the precious metal into the country with the Centre “foregoing revenue” on what is a sovereign asset. Although no exemption was given on integrated GST that is levied on imports.
Central banks globally have been increasing reserves held in gold, often seen as a hedge against currency volatility and geopolitical risks, news agency Reuters reported.
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