Gold News | India Economy | RBI Moves 100 Tonnes Gold From UK To Its Vaults In India | N18V

The Reserve Bank of India (RBI) has shifted over 100 tonnes of gold from the UK to its vaults in the country. This is the first time since 1991 that the precious metal has been added to the stock kept in the country. More than half of RBI’s gold reserves are held overseas in safe custody with the Bank of England and the Bank of International Settlements, and about a third of it is stored domestically. Gold is seen as a safe haven asset, and keeping it domestically might signal the RBI’s confidence in the stability of the Indian economy. Storing gold domestically could also save the RBI money on storage fees paid to foreign custodians like the Bank of England.

#gold #indianeconomy #modigovernment #rbi #rbigold #uk #india #news18

[mrakshith]

Only Indians, Russians, Middle Easterns and Brazillians know what's coming😁

[Srirangan-hr]

Big Success for Modi Govt. The gold kept there for more than 30 years, no effort from any government till now has worked. But Modi govt did it, thanks to Rishi Sunak for sending our gold back home safely...❤

[nrusimha]

"Safe in England? What a joke"

[chettiarsbc]

Good move. But please do a test each bar of gold throughly. Even god couldn't trust the British in the dark 😂😂😂

[mayurireddy]

Return of gold reserves security reasons 100 tones of gold

[SandeepBK-qrnl]

The indi alliance will start crying 😭 because they are thinking it will affect their vote in last phase 😂.. Modi ye tho mumkin aye ❤

[clasherofclans]

Waiting for Congress and Aap to find out something fishy in this as well. Expecting a usual false cry.

[m.r.ansari]

It's because we are moving towards BRICS currency which is based on gold reserves

[agarwalamit]

453.5 tonnes of gold are held overseas and are held with the Bank of England and the Bank of International Settlements (BIS) while only 295.82 tonnes of gold is kept domestically in Nagpur. India's 650 billion dollars worth of Forex reserves is also held in western banks which can easily be frozen or seized. India should buy gold worth at least 200 billion dollars and we should stockpile gold within India by bringing back gold stored overseas. But the west will never allow this to happen. India also has bought 236 billion worth of junk US treasury bonds. Shouldn't India sell off some of it to reduce the risk?

[gentasman]

Even Indian Silver have to bring back to india. It is all there in UK.

[umashankar]

At last vault fees will be saved by RBI.

[HighwayContracting]

At last..BJP is working wonders. ❤ Jai Hind ❤

[SKumar-mjgf]

Our money with British? What did we learn from colonial loot??

[muravi]

There are multiple countries who keep their gold with themselves like turkey, taiwan, saudi etc...

[lakshminarayanan-lsfz]

Logistical and security reasons? What do you mean? Sovereign countries have no power for their real asset gold is not in their country. Even I won't give my gold to relatives for logistical reasons

[DavidJohnson-dclu]

Because its theirs and they deserve to have it!

[kiwiwala]

Pre de-dollarisation and underpinning the value of the Indian rupee.

[ramachandrannair]

Maybe can explain govt kept in 1991. By then govt.
So voters are clear, whim to vote. 🙏

[giridharnatarajan]

What you don’t say is how is still there in England

[matthachireth]

Gold, traditional ways, it's an asset for the nation. Before printing currency, Equivalent Gold kept for currency printed.