What major operation did authorities conduct in May regarding India's gold reserves?

Correct option is C

The correct answer is: (c) Bringing gold reserves back from the Bank of England

Explanation:

• In May 2024, the Reserve Bank of India (RBI) repatriated 100 tonnes of gold from the Bank of England to secure facilities within India.

• This move marked one of the largest gold repatriations since the 1990s, reflecting a strategic decision to consolidate India's gold holdings domestically amid rising geopolitical uncertainties.

• As of the end of September 2024, the RBI held a total of 855 tonnes of gold, with 510.5 tonnes now stored within India.

Information Booster:

• Geopolitical Considerations:The repatriation aligns with India's strategy to safeguard its assets amid global economic uncertainties.

• Strategic Reserve Management:Maintaining a significant portion of gold reserves domestically enhances India's financial autonomy and security.

• Historical Context:This action contrasts with the 1990s, when India had to pledge gold reserves abroad during a financial crisis.