India has moved 100 tons or 1 lakh kg of its gold stored in the UK to domestic vaults in FY24. This came to public knowledge on Friday. This raises India’s overall gold holding to 27.46 tons in FY24. India’s gold reserves stand at 822 metric tons, as per official data, of which 413.79 tons are held abroad.
The latest is one of the biggest movements of gold by India since 1991, when its government had to pledge a substantial part of its holding of the yellow metal to tide over a foreign exchange crisis.
What was the 1991 crisis?
How government responded
Also Read:
RBI flew 100 tons of gold from UK to India and more may be on its way
What government did next
But Rajiv Gandhi pulled the plug
The initial plan of pledging gold
New pledge, economic reforms and recovery
Link to article –
1991 vs 2024: India’s journey from pledging gold to flying in 100 tons from UK
