The Reserve Bank Of India said that it has no plan of converting the temple gold into bullion, right now. Further, it said that there is no converting proposal under consideration. Just a few days back, there has been a media report that the RBI is planning to convert the idle gold in the country, into Bullion. In this regard, a statement was issued by the Apex Bank that there is no such proposal and there is no need at the moment. The BJP leader, Mr. Subramaniam Swamy said that his party would certainly oppose the government’s reported move of possessing the gold of the temples.
Continuous demand for the gold is the main reason for the additional import of the precious metal and increased gold import is the cause of the Current Account Deficit. Due to this fact, the Gross Domestic Product has been affected and at present, it is just 4.8%, for the 2012-13 fiscal.