New Delhi: Prime Minister Modi’s plan to recycle tonnes of idle gold and cut economy-hurting imports may get momentum with India’s richest Hindu Temple-Sri Venkateswara Swamy Temple, popularly known as Tirupathi Temple coming forward to deposit some of its stash with banks to recycle.
The PM’s Gold Scheme had received poor response and as per sources the scheme could attract only about one kg gold in a month out of a total hard of 20,000 tonnes. However, Tirupathi Temple, in a way has come to Modi’s rescue by offering to hand over 5.5 tonnes of gold under the scheme.
The gold monetisation scheme was aimed to persuade individuals, institutions and rich temples to dposit some of their gold stash with banks to recycle so as to reduce our gold imports and save foreign exchange and deal with problem of current account deficit.
The temple witnesses devotees offering billions of dollars worth of gold jewelry, bars, coins etc to the temple. Sources say over a tonne of gold is offered at the temple every year.
However, while most temples remain secretive about their gold stash, Tirupathi temple has already deposited some of its gold with banks under previous monetisation schemes that offered interest of about 1 per cent. The new scheme offers annual interest up to 2.5 pc.
Sources say that if the temple is convinced with Modi’s programme then there are possibilities of the Temple Committee investing the entire hoard to his scheme. The temple is expected to take the decision in next 10 to 15 days.
