Skip to content
Search

Latest Stories

India relocates 100 metric tonnes of gold from UK to home vaults

India relocates 100 metric tonnes of gold from UK to home vaults

India has transferred 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24, PTI reported quoting sources on Friday.

This is one of the largest gold movements by the country since 1991 when a significant portion of the gold reserves was pledged and moved to address a foreign exchange crisis.


The total gold holdings of the country increased by 27.46 metric tonnes in FY24, now standing at 822 metric tonnes, according to official data.

A considerable portion of this gold is stored abroad, including with the Bank of England.

The movement of 100 metric tonnes to India has increased the local gold reserves to over 408 metric tonnes, resulting in an almost even split between local and foreign holdings.

The central bank's annual report for FY24, released on Thursday, shows that over 308 metric tonnes of gold are held in India as backing for notes issued, with another 100.28 tonnes held locally as a banking department asset. The report also states that 413.79 metric tonnes are held abroad.

Sources indicate that due to gold purchases in recent years, a decision was made to reduce the holdings abroad as part of standard review procedures. In 2009, India bought 200 tonnes of gold from the International Monetary Fund and has since continued to purchase gold from the secondary market as part of its foreign exchange asset diversification strategy.

Officials from the Ministry of Finance, the RBI, and other agencies managed the gold transfer with complete secrecy due to its high value, sources said. Currently, the gold held locally is stored in high-security vaults and facilities in Mumbai and Nagpur, they added.

More For You

Bangladesh's Muhammad Yunus to step down after April polls

Chief adviser to the government of Bangladesh Professor Muhammed Yunus speaks during a live interview at Chatham House on June 11, 2025 in London, United Kingdom. (Photo by Leon Neal/Getty Images)

Bangladesh's Muhammad Yunus to step down after April polls

BANGLADESH interim leader Muhammad Yunus said on Wednesday (11) that there was "no way" he wanted to continue in power after elections he has announced for April, the first since a mass uprising overthrew the government.

The South Asian nation of around 180 million people has been in political turmoil since a student-led revolt ousted then prime minister Sheikh Hasina in August 2024, ending her 15-year rule.

Keep ReadingShow less
Leicester residents invited to shape future of local councils

The proposed reorganisation could save £43m a year, say council leaders, but critics question the figure

Leicester residents invited to shape future of local councils

Hannah Richardson

RESIDENTS can now have their say on a plan which would see the number of local councils in Leicestershire drop from eight to two.

The proposal is one of three put forward for the political re-organisation of Leicestershire after the government told local leaders it wanted areas with two tiers of councils – such as the county – to reduce it to a single-tier set up.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US talks edge towards interim trade deal: Report

INDIAN and US negotiators reported progress after four days of closed-door meetings in New Delhi on Tuesday, focusing on market access for industrial and some agricultural goods, tariff cuts and non-tariff barriers, according to Indian government sources.

"The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins," one of the sources said to Reuters.

Keep ReadingShow less
Jaishankar-Getty

Jaishankar, who is currently in Europe a month after India launched Operation Sindoor, said Pakistan was training 'thousands' of terrorists 'in the open' and 'unleashing' them on India. (Photo: Getty Images)

Getty Images

India will strike deep into Pakistan if provoked, says Jaishankar

INDIA's external affairs minister S Jaishankar has said India would strike deep into Pakistan if provoked by terrorist attacks, and warned of retribution against terrorist organisations and their leaders in response to incidents like the Pahalgam attack.

Speaking to Politico on Monday, Jaishankar, who is currently in Europe a month after India launched Operation Sindoor, said Pakistan was training “thousands” of terrorists “in the open” and “unleashing” them on India.

Keep ReadingShow less