India has transferred 100 metric tonnes of gold from the UK to its own storage facilities.

India, known for its rich culture and history, made a significant move in the world of finance as it brought back 100 metric tonnes of gold from the United Kingdom to its domestic vaults. This marks one of the largest movements of gold by the country since 1991, when a major portion of its gold was pledged to help overcome a foreign exchange crisis, resulting in its transfer out of the vaults.

According to official sources, India's overall gold holdings have increased by 27.46 metric tonnes in the financial year 2024, bringing the total to 822 metric tonnes. It is worth noting that a significant amount of the precious metal is stored abroad, with the Bank of England being one of the institutions where India's gold is held, similar to other countries.

With the recent movement of 100 metric tonnes of gold into India, the total quantity stored locally has now surpassed 408 metric tonnes, almost equaling the amount held abroad. As per the annual report released by the central bank for FY24, 308 metric tonnes are held in India as a backing for notes issued, while an additional 100.28 tonnes are held locally as an asset of the banking department. The annual report also states that out of the total gold reserves, 413.79 metric tonnes are held abroad.

Sources reveal that the decision to bring back 100 metric tonnes of gold was made as part of the standard review procedures, considering the consistent gold buying by India in recent years in efforts to diversify its foreign exchange assets. The movement of gold was carefully monitored by officials from the Ministry of Finance, the Reserve Bank of India, and other agencies, who maintained complete secrecy due to the high value involved.

The gold held locally is currently stored in highly secure vaults and facilities in Mumbai and Nagpur, ensuring its safety and protection. This move by India not only signifies its growing financial strength but also highlights its commitment to keep a substantial portion of its precious gold reserves within its borders.

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