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.
The government has urged all citizens to rely only on official communications issued through authorised channels. Any information regarding policy decisions or government schemes will be shared through official press releases, government websites and verified public communication platforms.
Sovereign gold bonds
Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold, issued by the Reserve Bank of India (RBI) on behalf of the Government of India.
Sovereign Gold Bonds (SGBs) were first issued by the Reserve Bank of India (RBI) on November 30, 2015. However, the scheme was discontinued in 2024 as it was proving to be expensive for the government. It must be noted that SGBs already issued will not be impacted.
What is the Gold Monetisation Scheme?
The Government of India announced the Gold Monetisation Scheme on September 15, 2015. The objective of the scheme was to mobilise idle gold held by households and institutions of the country and facilitate its use for productive purposes, and in the long run, to reduce the country's reliance on gold import.
The Gold Monetisation Scheme comprises the previous 'Gold Deposit Scheme' and the 'Gold Metal Loan' scheme, revamped and linked together.
