MUMBAI Aug 31 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
"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
"The Reserve Bank clarifies that no such proposal is under
its consideration at this juncture," it added.