A news agency report claimed that the central bank had sold gold worth about $12 billion during the two weeks ended May 22 to preserve the country’s foreign exchange reserves amid rising pressure on the rupee and rising import costs. However, Finance Ministry sources on Wednesday rejected media reports about the central bank selling gold worth $12 billion to increase India’s foreign exchange reserves.
According to news agency ANI, Finance Ministry sources said that the Reserve Bank of India (RBI) has also denied this report.
Meanwhile, the RBI’s latest annual report for FY 2025-26 shows that the central bank’s gold reserves have actually increased, refuting claims of massive gold selling.
According to the RBI annual report, “As of March 31, 2026, the Reserve Bank had a total of 880.52 MT of gold, while as of March 31, 2025, the quantity was 879.58 MT.” This means that gold reserves increased by 0.94 metric tons during one year.
It is clear from the data that during the financial year 2026, RBI increased its gold reserves instead of reducing it. The report said that out of the total 880.52 metric tonnes of gold, 312.32 metric tonnes of gold was kept as an asset of the issue department, while the remaining 568.20 metric tonnes of gold was kept under the banking department.
The RBI’s annual accounts report also shows that there has been a significant increase in the value of its gold reserves. The main reason for this has been the rise in gold prices in the international market and the devaluation of the Indian rupee against the US dollar. An increase of 63.6 percent was recorded in the value of gold held as an asset of the banking department during the financial year 2026.
According to the annual report, India’s foreign exchange reserves also remain strong. By March 31, 2026, it increased to $ 691.11 billion, whereas last year it was $ 668.33 billion. At the same time, the value of total gold reserves including gold deposits has also increased significantly. It increased from $78.18 billion last year to $115.40 billion.
RBI’s audited balance sheet and reserve figures clearly show that the central bank has substantial gold reserves. Also, there is no evidence in official records for the claim of selling gold worth $12 billion.
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