RBI Gold Sale Controversy Fact Check: Has the Reserve Bank sold the country’s gold to save foreign exchange reserves? Where did this claim of selling gold originate from, what is the controversy over it and how much truth is there in it? What impact will this controversy have on the common man? Has the government received any response yet?
Gold Reserves India: For the last 24 hours, from social media to tea shops, there is only one discussion going on everywhere, ‘Has the government sold the country’s gold?’ After a global report, a huge political turmoil has erupted in the country on this issue. Due to this, many types of questions have started rising in the mind of the common man. But has this really happened? Is India’s gold reserve decreasing? And should you worry about it? Let us understand the whole matter in 5 points…
Where did the controversy regarding gold reserve start?
The whole matter started with a report by Bloomberg. In this report, an economic expert claimed that the Reserve Bank (RBI) has sold gold worth about $ 12 billion (about ₹ 1 lakh crore) in the last two weeks of May. The report said that RBI probably had to take this step to save foreign exchange reserves (dollars) amid the ongoing tension in the Middle East (Israel-America-Iran crisis).
What do the government and RBI have to say?
As soon as this news spread, government and banking sources immediately came forward and denied it. According to the report of CNBC-TV18, government sources have clearly said that this news is completely false and baseless. The Reserve Bank has not sold even a single gram of gold from its gold reserves to safeguard the country’s foreign currency. The country’s treasury is completely safe.
Then why was the report claiming less gold?
Bloomberg’s report said that the government had increased the import duty on gold, according to which the price of gold kept with the RBI should have increased on paper, but it appeared to be less. Seeing this difference, the expert guessed that the gold had been sold. Whereas the reality is that the figure looked different because of the fluctuations in gold prices in the international market and valuation methods, and not because of gold sales.
Why is there a conflict between social media and politics?
As soon as the news of gold came, politics on it also intensified. The Congress party cornered the government on the social media platform ‘X’ and posted that ‘This is Amrit Kaal’. Modi government has sold the country’s gold. After this attack by the opposition, common people started discussing on social media the period of 1991 when the country had to mortgage its gold. But today’s reality is completely different and very strong from that period.
What will be the impact on your pocket, bank account and investments?
- According to experts and the government, your money is completely safe in banks. The country’s foreign exchange reserves are at a record level, so there is no need to panic or break your FD due to any rumour.
- There may be some turmoil in the global market due to the war situation, but the economic foundation of the country is strong.
- After the government’s clarification, there is no panic in the domestic bullion market.