Team Blitz India
NEW DELHI: The Reserve Bank of India (RBI) has moved around a 100 tonnes, or 1 lakh kilograms of gold from the United Kingdom back to its vaults in India, and intends to move more in coming months, aTOI report.
RBI faced severe criticism back in 1991 when it was forced to pledge part of its gold reservesas the country was undergoing a foreign exchange crisis. This is the first time since 1991 that India has moved such a heavy scale of gold.
This has been done for logistical reasons as well as diversity of, sources told TOI. Domestically, gold is stored in vaults located in the RBI’s old office building on Mumbai’s Mint Road and in Nagpur.
“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 report quoted an official as saying.
