In a remarkable move, India has repatriated a staggering 100 metric tonnes of its gold reserves from the United Kingdom to its domestic vaults in the fiscal year 2024, disclosed sources on Friday.

This monumental transfer marks one of the most significant movements of gold by the nation since 1991. Back then, amidst a severe foreign exchange crisis, a considerable portion of India’s gold holdings was pledged, prompting its relocation from the vaults.

According to official figures, India’s total gold reserves witnessed an uptick of 27.46 metric tonnes in the fiscal year 2024, now standing at an impressive 822 metric tonnes.

Sources revealed that a substantial chunk of this valuable asset was previously held overseas, including with institutions like the Bank of England. However, the recent movement of 100 metric tonnes has significantly tipped the scales, bringing the domestic storage to over 408 metric tonnes, almost on par with the foreign reserves.

The annual report of the central bank for the fiscal year 2024, unveiled on Thursday, delineates that 308 metric tonnes of gold serve as collateral for issued notes, while an additional 100.28 tonnes form part of the local assets of the banking department.

Of the total gold reserves, amounting to 413.79 metric tonnes, a significant portion is maintained abroad, as highlighted in the annual report. Sources indicate that the decision to repatriate part of the overseas reserves stemmed from a strategic review process, given India’s consistent gold purchases in recent years as part of its efforts to diversify foreign exchange assets.

India’s acquisition of 200 tonnes of gold from the International Monetary Fund in 2009 initiated its foray into bolstering gold reserves from the secondary market. The meticulous orchestration of the gold transfer, shrouded in secrecy due to its immense value, was overseen by officials from the Ministry of Finance, the RBI, and other pertinent agencies.

Presently, the domestically held gold is securely housed in top-tier vaults and facilities located in Mumbai and Nagpur, ensuring utmost protection, as per the sources.