Brief by Shorts91 Newsdesk / 05:19am on 02 Jun 2024,Sunday India Global
The Reserve Bank of India (RBI) has brought back 100 tonnes of gold, worth around ₹4,000 crore, from the UK to its vaults in India. This is the first such move since 1991, when India faced a foreign exchange crisis. The central bank has been storing gold in vaults in Mumbai and Nagpur, and decided to diversify its storage locations. The RBI started buying gold a few years ago and has been reviewing its storage options. More gold is expected to be brought back to India in the coming months. This move is seen as a sign of India's growing economic strength.
