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RBI says not considering converting idle gold into bullion

There have been reports about the RBI considering options of converting idle gold, including that with temple trusts, into bullion.

Reuters

Updated:August 31, 2013, 7:14 PM IST
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RBI says not considering converting idle gold into bullion
There have been reports about the RBI considering options of converting idle gold, including that with temple trusts, into bullion.

Mumbai: The Reserve Bank of India said on Saturday it was not considering converting India's idle gold into bullion according to a statement.

Reuters had reported that the central bank was planning to ask banks to buy household gold and divert it to precious metal refiners in an effort to reduce India's current account deficit and improve the domestic supply of gold.

Meanwhile, The Economic Times newspaper reported on Saturday that the RBI was considering mobilising gold from the country's temple trusts.

"There have been some news stories in the media in the last couple of days about the Reserve Bank of India discussing/considering various options of converting idle gold, including that available with temple trusts, into bullion," the RBI said.

"The Reserve Bank clarifies that no such proposal is under its consideration at this juncture," it added.

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