Historic economic turnaround for India: RBI shifts 100 tonnes of gold from UK to India

In an economic turnaround, India shipped in a little over 100 tonnes of its gold reserves held in the UK. During economic liberalisation of 1991, India shipped out gold and pledged it overseas to avert a looming financial crisis. Most countries keep their gold in the vaults of the Bank of England or some such location and pay a fee for the privileges.
By March 1991, against the country's foreign debt of about USD 72 billion, its forex reserves had dropped to USD 5.8 billion. By March 1991, against the country's foreign debt of about USD 72 billion, its forex reserves had dropped to USD 5.8 billion. State Bank of India in January 1991, decided to raise forex by leasing some gold to the United Kingdom. Former Chief Economy Advisor Sanjeev Sanyal lauded India’s move to bring back gold. Taking to ‘X’, he wrote that India will now hold most of its gold in its vaults

#RBI #Gold #EconomicGrowth

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