To plug the Narendra Modi government’s revenue deficit, the Reserve Bank of India (RBI) has turned to selling gold from its reserves for the first time in 30 years. Following the recommendations of the committee headed by Bimal Jalan, RBI has ended up selling $1.15 billion worth of gold till now. It has also bought gold worth $5.1 billion since July, 2019.

RBI had 1.987 million ounces of gold till August. Gold valued at $26.7 billion was held in the Forex Reserve as on October 11.