look news india
The Reserve Bank is rapidly bringing back the gold reserves kept in other countries. Due to this, India's gold reserves kept abroad have come down to a 6-year low. This has been revealed in the Reserve Bank data.
Now so much gold is outside the country?
According to RBI data, 47 percent of India's total gold reserves remained outside the country in March 2024. This is the lowest level of India's gold reserves in other countries since December 2017. In the changed circumstances, the Reserve Bank accelerated the purchase of gold in December 2017. Now the Central Bank is working towards bringing as much of its gold as possible into the country.
100 tonnes of gold arrived last month
Recently, a news related to this came into discussion when the Reserve Bank brought a large consignment of gold from Britain to the country. About 100 tonnes of gold has come to India from Britain. At that time, Reserve Bank Governor Shaktikanta Das had said that there is nothing unexpected in the gold reserves being imported from abroad. He said that now the storage capacity of gold in the country has increased, so gold is being brought back from abroad.
Analysts believe these reasons
However, market experts are not considering the RBI Governor's words to be completely true. Analysts are linking RBI's changed strategy to the Russia-Ukraine war. In fact, after the war between Russia and Ukraine, Western countries led by the US took steps like economic sanctions against Russia. Along with this, the US and its allies seized Russia's foreign assets. The Reserve Bank wants to be prepared in advance for any such situation so that under any circumstances, India's assets are not controlled by any other country.
Does the Reserve Bank have so much gold?
The Reserve Bank has made record gold purchases in the last few years as part of its strategy to increase its foreign exchange reserves. According to data till March, the Reserve Bank has more than 822 tonnes of gold. Of these, 53 percent are now kept in reserve in the country itself. Till a few years ago, this share was very low. In September 2021, the Reserve Bank of India had only 39 percent of the gold.
