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This is an archive article published on September 1, 2013

No proposal to convert idle gold into bullion: RBI

The Reserve Bank of India (RBI) on Saturday said it is not contemplating any proposal to buy idle gold and convert it into bullion.

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The Reserve Bank of India (RBI) on Saturday said it is not contemplating any proposal to buy idle gold and convert it into bullion.

“The RBI clarifies that no such proposal is under its consideration at this juncture,” the apex bank said in a statement.

There have been media reports that the RBI is considering various options of converting idle gold,including that available with temple trusts,into bullion. Bullion usually stands for gold in form of bars before coining.

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