New Delhi: The Reserve Bank of India (RBI) is thinking of selling gold from its reserves for the first time in 30 years. From this point, it seems that the RBI has approved the recommendations of the Jalan Committee. Jalan committee had said that RBI should trade gold. After this, RBI has become active in gold trading from August this year. According to the recommendations of this committee, if the RBI earns more than the limit set in gold trading, it can be distributed to the Modi government.
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RBI has sold a total of $ 1.15 billion in gold so far this year. An analysis of RBI's weekly data showed that it has bought $ 5.1 billion of gold since the beginning of its business year i.e. July 2019 and has sold gold of about $ 1.15 billion. Gold trading has started in an active manner. According to the Economic Times report, the RBI had 1.987 million ounces of gold by the end of August, with $ 26.7 billion worth of gold in the Forex Reserve on October 11.
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When the RBI has decided to accept the Jalan Committee's recommendations, since then it has started trading gold in an active manner. The Jalan committee's recommendation states that the RBI should not share the valuation gain in gold, but share profits with the government with its trading. The Jalan committee was formed last year after the uproar over the talk of sharing additional revenue of the RBI to meet the government's revenue shortfall.
