The Reserve bank of India brings back 100 tonnes of Gold from the Vault of UK to India. This is a major shift in the Economic Policy of the RBI, as it will now hold most of its Gold in its own vault.
These changes have significant implications for India’s economic sovereignty and global market dynamics. Most countries keep their gold in the vaults of the Bank of England or other such location and pay a fee for the privileges.
At present, India has huge Foreign Exchange Reserves to cover up to 11 months of Imports. As of March 31, 2024, the total gold held by the Reserve Bank was 822.10 metric tonnes as compared to 794.63 metric tonnes as of corresponding period.
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