look news india
Recently, the Central Bank brought back 100 tonnes of gold from Britain to India. After which many media reports speculated as to why so much gold has been brought back to India, but Reserve Bank Governor Shaktikanta Das has put an end to all these speculations and said that 100 tonnes of gold has been brought back to India.
RBI will bring more gold to India in the coming days
Some reports also say that RBI will bring more gold to India in the coming days. This is the first time that RBI has brought back so much gold from abroad. Earlier, RBI last brought gold to India from England in 1991. India was facing a foreign exchange crisis at that time, due to which the central government had to mortgage gold again in 1991 to support the dollar.
India bought gold
Now India's economy has become very strong and India has been buying a lot of gold for some time. According to media reports, central banks around the world, along with India, have been buying gold continuously for some time. In the first four months of 2024 itself, the RBI has bought one and a half times more gold than in the entire last year. This aggressive buying is due to the fall in the value of the dollar. At the same time, data from the US Treasury Department showed that non-US central banks' holdings of US Treasury bonds fell from 49.8% in March 2023 to 47.1% in March 2024. The RBI added 27.47 tonnes of gold to its reserves in FY 2024, 1.5 tonnes more than last year's 794.63 tonnes. RBI's gold purchase is part of preparations to diversify foreign exchange reserves and protect against inflation and currency volatility.
What did the RBI Governor say?
RBI Governor Shaktikanta Das said that the central bank has brought 100 tonnes of gold from England to India because India has enough capacity to store it. No other meaning should be drawn from this. Shaktikanta Das said that the Reserve Bank is buying gold as part of its reserves and increasing its quantity. We have the capacity to store them locally. In such a situation, it has been decided to bring back the gold kept outside India and keep it in the country.
RBI has so much gold abroad!
According to the central bank's annual report for the financial year 2024 released on Thursday, more than 308 tonnes of gold is held in India, while another 100.28 tonnes of gold is held locally as assets of the banking department. According to the annual report, out of the total gold reserves, 413.79 tonnes of gold is present abroad.