Gold monetisation scheme gets boost from Tirupati Temple

New Delhi , News Nation Bureau | Updated : 05 December 2015, 11:20 AM

Sri Venkateswara Swamy Temple, popularly known as the Tirupati Temple can boost to the new gold monetisation scheme. The new scheme is aimed to recycle stashed gold with individuals, institutions and rich temples to push the GDP. The new scheme can also help the government to control the inflation and economic instability.

According to sources, Tirupati Temple is set to become the largest contributor with 5.5 tonnes of gold. The hundi collections go as high as 22.5 million INR a day, with tonnes of gold offerings.

The temple administration is mulling to invest huge in the scheme. It is also the richest Hindu temple in the world. The new scheme offers annual interest of up to 2.5 pc.

India is the world's second-biggest consumer of gold after China and imports 28 pc of by the year end.

Seeking divine blessings, devotees have offered billions of dollars’ worth of jewellery, bars and coins to temples over the centuries. Most temples are secretive about their stash and their gold is often stored in subterranean vaults.

Unlike, Tirupati Temple, Mumbai's two-century-old Shree Siddhivinayak temple and other rich temples across the country are still not convinced as banks accept deposits only after gold is melted.   

The Central government remains hopeful individuals and institutions will participate in the scheme under which banks will melt the deposited gold and loan it to jewellers.