India's central bank transferred 100 tons of gold from Britain to its vaults, reported newspaper The Times of India. This is the first such case since 1991. In the near future, the same amount of gold may be sent back to the Republic. The decision was made to diversify capital storage methods and for logistical reasons.
„The Reserve Bank of India started buying gold a few years ago and decided to analyze where it wanted to store it. As the gold was accumulating abroad, it was decided to transfer some of it to India,” the official source explained to the publication. The operation required obtaining a partial tax exemption, organizing a special flight and beefing up security measures.
According to the latest data, reserves of the Central Bank of India reached 822.1 tons of gold. Of these, 413.8 tons were stored abroad. During the past financial year, the Central Bank purchased 27.5 tons of gold. The warehouses are located in Mumbai and Nagpur in the central part of the republic.