Claim: In 1991, Chandra Shekhar government pledged about 1 lakh kg of gold to foreign banks. Recently, the Modi-led BJP government brought this gold back to India.
Fact-check: Although the RBI moved 100 metric tonnes of gold stored abroad to domestic vaults in 2023-24, it still retains 413.79 tonnes of gold reserves abroad - FACTLY
Verdict: during the foreign exchange crisis of 1990-91, india secured a loan of $405 million from the bank of england and the bank of japan by pledging 46.91 tonnes of its gold reserves. however, it repaid the loan between september and november 1991. despite repaying the loan, the rbi kept the gold in england. the rbi has been buying and storing gold abroad for many years, both before and after 2014. according to the reserve bank of india  2023-24 annual report, as of 31 march 2024, the rbi holds 822.1 tonnes of gold. of this, 308 metric tonnes are held in india as backing for notes  issued in the country. in 2023-24, the rbi moved 100 metric tonnes of gold stored abroad to domestic vaults, but still retains 413.79 tonnes of gold reserves abroad. hence, the claim made in the post is misleading.
Organisation: FACTLY
Author: Anusha Rao
Date published: 2024-06-05T12:18:19