Significant Move: India Repatriates 100 Tonnes of Gold From UK, Plans for Additional Transfers
The Reserve Bank of India (RBI) has successfully repatriated 100 tonnes of gold previously held in the U.K.’s Bank of England vaults, according to local media reports.
This significant operation, the first of its kind since 1991. When a similar amount had to be moved abroad due to a foreign payments balance crisis. Posed logistical challenges due to the sheer quantity of bullion involved. Special permits for customs clearance, specialized aircraft. And enhanced security measures were necessary for the successful transportation of the gold to India.
The repatriated gold is now safely stored in RBI’s vaults on Mumbai’s Mint Road and Nagpur. Reflecting the central bank’s strategic review of its gold holdings and storage options. This move also highlights India’s economic and financial growth, with plans for further repatriation of gold assets in the future to strengthen domestic reserves.
Clever Robot News Desk 5th June 2024
