Is government planning to issue gold bonds to temples in exchange for gold reserves? Check here

Not long after Prime Minister Narendra Modi urged Indians to hold off on buying gold and the government raised gold import duty from 6% to 15%, social media started buzzing with claims that the Centre was planning to issue gold bonds to temples in exchange for their gold reserves. Some reports also suggested that the central government might be looking to monetise gold holdings of the temples and other religious institutions across the country.

So, is the government really planning to monetise temple gold holdings after PM Narendra Modi’s call to postpone gold purchases?

The central government has stepped in to clarify that it does not plan to issue gold bonds to temples, countering the reports and social media chatter. Centre also refuted the idea that it is planning to monetise gold holdings of temples and other religious institutions in India.

The clarification also addressed claims circulating online that gold plates installed on temple towers, doors or other temple structures would be treated as “Strategic Gold Reserves of India.” The government described these reports as entirely baseless and misleading.