No Gold Bond Scheme For Temples Announced, Govt Denies Viral Monetisation Claims

Last Updated:May 19, 2026, 12:02 IST

PIB says viral claim that Government of India will issue gold bonds to temples for their gold is fake, urges reliance on official sources

India Rejects Temple Gold Monetisation Buzz, Says No Gold Bond Scheme Planned

The Press Information Bureau’s fact-checking unit has dismissed as fake a viral claim circulating on social media that the Government of India is planning to issue gold bonds to temples in exchange for temple gold reserves.

In a post on X, Press Information Bureau clarified that the government has “not taken any such decision” and urged people to avoid spreading misinformation. The agency also advised citizens to rely only on official sources for verified information.

The fake claim is spreading on some handles when Indian government is trying to reduce gold import bill amid the forex reserve pressure following the Iran-US war.

Indian government has recently hiked the import duty on precious metals to 15 per cent from 6 per cent, which includes 10 per cent custom duty and 6 per cent cess. It came a few days after Indian Prime Minister Narendra Modi appealed to the nation to not purchase gold for a year.

India is a big importer of gold and it completes its 90 per cent requirement through it. Almost 700-800 tonnes of gold are being imported every year in India, putting a big pressure on its forex reserve.

India’s forex reserve is under pressure as elevated crude oil prices after the Iran-US war disruption are hurting it. India imports 85-90 per cent of crude oil, marking a major cost in forex.

Apart from households, a major portion of gold in India is estimated to hold in temples across India. Some reports suggest that it may in range of 2,500 to 4,000 tonnes, largely being donated by devotees as religious offerings.

Read More