RBI transfers a remarkable 100 tonnes of gold from London to India
One hundred tonnes of the country’s gold have been returned to India by the Reserve Bank of India (RBI) from the vaults of the Bank of England in London. Roughly one-fourth of India’s foreign-held gold reserves are represented by this move. Sources close to the RBI claim that there are signs more gold would be returned to India in the coming years
After months of in-depth negotiations, a sizable quantity of gold was shipped from London to India in March. The Reserve Bank of India (RBI), the Ministry of Finance, and other government institutions worked closely together to make this transfer possible.
The gold was transported on a special flight with strict security procedures, and it is currently safely kept in the vaults of the RBI’s former office buildings in Nagpur and Mumbai.
The Reserve Bank of India made the decision to bring back a sizable amount of its foreign-accumulated gold holdings. In the first stage of the transfer procedure, 100 tons of gold were shipped to India as part of this decision.
The national government eased several restrictions to make it easier for gold to be transferred to India. The government specifically waived all customs duties on the gold. It did not, however, offer any importers an exemption from the Goods and Services Tax (GST).
