Did Indira Gandhi really tell Indians not to buy gold in 1967? Here’s what happened

Prime Minister Narendra Modi’s recent appeal urging citizens to spend cautiously, reduce unnecessary fuel consumption, postpone gold purchases, and avoid non-essential foreign travel triggered sharp political and social debate across the country.

Soon after the remarks gained attention, social media platforms were flooded with an old-looking claim linked to former Prime Minister Indira Gandhi.

The claim suggested that India had witnessed a similar moment nearly six decades ago, when the government allegedly urged people not to buy gold to protect the country’s economy and conserve foreign exchange reserves.

Many users shared the post as evidence that economic restrictions linked to gold purchases were not unprecedented in India.

The viral content appeared convincing enough to spark widespread discussion online. Several users claimed that Indira Gandhi had directly appealed to citizens in 1967 to avoid buying gold during a difficult financial phase for the country.

However, the claim itself has now been debunked. The Hindu clarified that the image circulating online was digitally manipulated and did not belong to its archives.

Journalist B Kolappan also publicly stated that the viral image was fabricated and shared the actual edition published on June 6, 1967, to counter the misinformation spreading online.

The publication further urged readers to verify such material before forwarding it on social media, warning about the growing misuse of altered archival content.

Even though the viral claim turned out to be fake, the broader context behind it is not entirely fictional.

India imposed sweeping restrictions on gold ownership and trade during the 1960s as part of efforts to address economic pressures and foreign exchange concerns.

The first major gold-control measures were introduced in 1962 by then Finance Minister Morarji Desai.

Under those regulations, banks were instructed to recall gold-backed loans, forward trading in gold was prohibited, and strict limits were imposed on dealers and goldsmiths.

Citizens were also restricted from holding gold in the form of bars and coins. The controls became even tighter in the following years. In 1963, authorities prohibited the production of jewellery above 14-carat purity.

Eventually, the stricter Gold Control Act was enacted in 1968 during Indira Gandhi's tenure.

So while the viral 1967 appeal attributed to Indira Gandhi never actually existed, India’s aggressive gold-control policies during that period remain a documented part of the country’s economic history.