The Reserve Bank is looking to sell gold, for the first time in 30 years

New delhi date. Friday October 25, 2019

It was learned that the Reserve Bank was planning to sell gold for the first time in thirty years. It appears that the Reserve Bank was active in implementing the recommendations made by the Jalan Committee.

The Jalan committee recommended that the Reserve Bank should engage in the gold trade. From July-August this year, the Reserve Bank began implementing the recommendation. In July, the Reserve Bank bought $ 5.1 billion worth of gold and sold about $ 1.15 billion worth of gold.

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This was revealed in the Reserve Bank's weekly report. It was also revealed that the Reserve Bank will share the revenue with the Narendra Modi government, with the revenue exceeding the limit set in the gold trade.