Saturday, June 1, 2024

The Reserve Bank of India (RBI) has successfully brought 100 tons of gold from London to India.

 The Reserve Bank of India (RBI) has successfully brought 100 tons of gold from London to India. This is a significant move by the central bank to diversify its gold reserves and bring back a portion of the gold stored abroad. According to reports, this is the first time in 30 years that the RBI has brought back such a large quantity of gold from abroad.



Why did RBI bring back the gold?


The RBI has been actively diversifying its gold reserves in recent years, and this move is part of that strategy. The bank has been buying gold in large quantities and storing it in its vaults in India. This move is aimed at reducing the country’s dependence on foreign markets and increasing the country’s gold reserves.



How was the gold transported?


The gold was transported from London to India by air, using a special cargo plane. The plane was loaded with 80 tons of gold, which is equivalent to the weight of 2 T-90 tanks or 130 soldiers. The remaining 20 tons were transported separately.


What is the significance of this move?


This move is significant for several reasons. Firstly, it shows the RBI’s commitment to diversifying its gold reserves and reducing its dependence on foreign markets. Secondly, it demonstrates the country’s ability to transport large quantities of gold safely and securely. Finally, it highlights the importance of gold as a reserve asset for the country’s economy.


What is the current gold reserves of RBI?


As of now, the RBI has a total gold reserve of 822.1 tons, out of which half is stored abroad. The remaining half is stored in the country’s vaults. With this latest shipment, the RBI has brought back a significant portion of its gold reserves to India.

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