The misleading claim has been circulating on multiple social media handles at a time when India is facing economic pressures linked to rising gold imports and external geopolitical disruptions. According to the circulating narrative, the alleged policy was being linked to efforts to reduce the country’s gold import bill amid foreign exchange reserve strain following disruptions arising from the Iran–United States conflict. However, the Press Information Bureau has firmly rejected any such government move.
In parallel, India has recently increased import duties on precious metals to 15 per cent from 6 per cent. The revised structure includes a 10 per cent customs duty and a 6 per cent cess. This adjustment was introduced shortly after Prime Minister Narendra Modi appealed to the public to avoid purchasing gold for a period of one year, reflecting broader efforts to manage external account pressures.
India remains heavily dependent on gold imports, meeting nearly 90 per cent of its domestic requirement through foreign supplies. The country imports approximately 700 to 800 tonnes of gold annually, creating sustained pressure on its foreign exchange reserves.
The pressure on reserves has been further intensified by elevated crude oil prices following disruptions linked to the Iran–United States conflict. India imports around 85 to 90 per cent of its crude oil requirements, making energy imports a significant component of foreign exchange outflows.
Amid these macroeconomic challenges, attention has also been drawn to the vast accumulation of gold within religious institutions. Reports estimate that temples across India collectively hold between 2,500 and 4,000 tonnes of gold, largely contributed through devotional offerings by citizens over time.
The Press Information Bureau’s clarification reinforces the government’s stance against misinformation at a time of heightened economic sensitivity. It also underscores the importance of verifying claims through official channels, particularly when they relate to national financial policy and large-scale institutional assets.
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