RBI can bring 100 tonnes of gold into the country and know how much gold is stashed abroad

The Reserve Bank of India (RBI) has brought 100 tonnes of gold from England and kept it in India. Now this gold is kept in India instead of England and more gold will arrive in India in few days. Currently this gold is with RBI. RBI currently holds 822 tonnes of gold. Of this, 100.3 tonnes of gold is kept in India and 413.8 tonnes is still held abroad. Apart from this, 308 tonnes of gold is kept in India for issuing notes. As Indian gold holdings abroad have been increasing over the past few years, the RBI has decided to bring it back to the country. In future, RBI will bring more gold from abroad and keep it in the country. RBI can repatriate 100 tonnes of gold. Traditionally, gold was imported from London, and most countries in the world kept their gold only in London. India too used to keep gold in London but now decided to keep more gold inside the country. While RBI is bringing gold from abroad, it is also continuously buying new gold. RBI has bought 34.3 tonnes of new gold in FY 2022-23 and 27.7 tonnes in 2023-24. India's continued purchases of gold show that its economy is strong and that it is strengthening its financial security regime. RBI is one of the few banks in the world that buys gold. RBI had to make special arrangements to bring this gold back to the country. RBI had arranged a special flight for this purpose. Apart from this, the central government also canceled the customs duty for this. But RBI has to pay GST after bringing this gold into the country. The country's gold was pledged in 1991. While the Reserve Bank now imports gold from abroad and holds it domestically, the Congress-Third Front governments pledged India's gold nearly three decades ago. Due to the economic crisis in 1991, India had to send its gold abroad as collateral. In July 1991, the Congress Narasimha Rao government mortgaged gold with foreign banks to raise dollars. In July 1991, the Narasimha Rao government pledged 46.91 tonnes of gold to the Bank of England and the Bank of Japan to raise $400 million. Before pledging gold, India also sold gold.