The Reserve Bank of India (RBI) moved 100 tonnes of gold from the UK to India in 2023-24 since there is enough domestic capacity and it wanted some of these reserves to be stored within the country, governor Shaktikanta Das said on Friday.
Das indicated that the transportation was done in the six month period ended September 30, 2023 and also in the latter half.
“Basically the quantum of gold what we held outside the country was static for a long time, but in the recent years, the data shows that the RBI is buying gold as part of its reserves and the quantum was going up there.
“We have the domestic capacity so, therefore, part of it should be stored within the country. Nothing more should be read into it,” he told newspersons at the post monetary policy press conference when asked about the relocation.
As of March 31, 2024, out of the 822.10 tonnes physical holding of the yellow metal by the RBI, 100.28 tonnes was held in the country and 413.79 tonnes held abroad.
