Centre dismisses rumours about converting temple gold into national reserves

The Centre on May 19 dismissed rumours circulating on social media claiming that the government was planning to take control of gold stored in temples and convert it into national reserves. The government described the claims as “completely baseless” and urged people not to spread misinformation.

The clarification came after several social media posts alleged that the government was preparing a policy to collect or monetise gold held by religious institutions, particularly Hindu temples, as part of reserve management measures.

Responding to the claims, official sources said no such proposal was under consideration by the Union government or the Reserve Bank of India (RBI). Authorities termed the reports “fake narratives” intended to create unnecessary confusion and social tension.

Government officials clarified that temple trusts and religious institutions independently manage their assets under existing legal and administrative frameworks, and there has been no move to transfer temple gold into sovereign reserves.

The rumours surfaced amid wider discussions around India’s gold reserves and gold monetisation policies. India is one of the world’s largest consumers of gold, and estimates over the years have suggested that Indian households and religious institutions together hold thousands of tonnes of gold assets.

The government had earlier introduced schemes such as the Gold Monetisation Scheme (GMS), launched in 2015, which allows individuals and institutions to voluntarily deposit idle gold with banks in return for interest earnings. However, participation in the scheme has remained limited over the years.

Under the Gold Monetisation Scheme, temples and religious trusts are also permitted to voluntarily deposit gold holdings if they choose to participate. Several major temple trusts, including the Tirumala Tirupati Devasthanams, have previously explored or participated in such programmes on a voluntary basis.

Officials stressed that the current rumours falsely portrayed voluntary monetisation mechanisms as compulsory acquisition, which they said was incorrect and misleading.

India’s official gold reserves are maintained by the Reserve Bank of India as part of the country’s foreign exchange reserves and are acquired through separate monetary and reserve management mechanisms.

The RBI has steadily increased its gold holdings in recent years amid global economic uncertainty and diversification of reserve assets. According to central bank data, India’s gold reserves crossed 850 tonnes earlier this year.

The latest rumours triggered strong reactions online, with several users expressing concern over religious autonomy and temple assets before the government issued its clarification.

Officials urged citizens to rely on verified government communications and avoid forwarding unverified claims on social media platforms.

The Centre has increasingly issued public clarifications in recent months to counter misinformation related to taxation, banking rules, digital payments and financial regulations circulating online.