The Reserve Bank of India (RBI) has recalled its 100 tonnes (about 1 lakh kg) of gold from Britain. This is the first time since the beginning of 1991 that gold has returned to India’s reserves on such a large scale. According to the latest data, by the end of March 2024, RBI had a total of 822.1 tonnes of gold, out of which 413.8 tonnes were deposited abroad. RBI is one of the central banks buying gold in the last few years. In the last financial year, the gold reserves of the Reserve Bank have increased by 27.5 tonnes of gold. RBI keeps gold abroad along with India RBI keeps gold not only in India but also abroad. Central banks of all countries want to keep gold in different places, so that the risk can be reduced. First of all, the safety of gold is kept in mind. Even if the political and economic situation worsens during a disaster in India, the gold kept abroad will remain safe. At the same time, gold reserves can also be damaged by natural disasters. Keeping gold abroad ensures that some of our gold will remain safe even in case of disasters in the country. Britain is the storehouse of gold for many central banks Britain’s Bank of England has traditionally been the storehouse of gold for many central banks. Some amount of gold is stored in London even before India’s independence, because before independence, Britain used to keep India’s gold in the Bank of England. So even after independence, India has kept some gold in London.
