RBI moves 100 tonnes gold from UK to its vaults in India

The Reserve Bank of India (RBI) has shifted over 100 tonnes of gold from the UK to its vaults in the country.  According to the Business Today report, more gold is likely to be brought back with decisions on this yearly.

First time since 1991 that gold has been added to the stock kept in the country.  It took a special aircraft to shift the large quantities of gold with detailed security arrangements put in place. It will help RBI save on some of the storage cost which is paid to the Bank of England. Gold is stored in vaults in RBI’s old office building in Mumbai’s Mint Road as well as Nagpur.

More than half of RBI’s gold reserves are held overseas in safe custody with the Bank of England and the Bank of International Settlements, and about a third of it is stored domestically.