India scrambles to cut gold imports, Siddhivinayak to the rescue

Officials from finance ministry and the Reserve Bank of India met on Friday to discuss modifying the much-publicised scheme after managing to attract deposits of only three tonnes of gold in four months out of an estimated pool of 20,000 tonnes stacked away in family lockers and temple vaults.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
Real-time Stock quotes, portfolio, LIVE TV and more.
GeStepAhead SME Special
moneycontrol.com

Home » News » Economy

Mar 19, 2016, 05.02 PM | Source: Reuters

India scrambles to cut gold imports, Siddhivinayak to the rescue

Officials from finance ministry and the Reserve Bank of India met on Friday to discuss modifying the much-publicised scheme after managing to attract deposits of only three tonnes of gold in four months out of an estimated pool of 20,000 tonnes stacked away in family lockers and temple vaults.

Like this story, share it with millions of investors on M3

India scrambles to cut gold imports, Siddhivinayak to the rescue

Officials from finance ministry and the Reserve Bank of India met on Friday to discuss modifying the much-publicised scheme after managing to attract deposits of only three tonnes of gold in four months out of an estimated pool of 20,000 tonnes stacked away in family lockers and temple vaults.

Post Your Comments

Share Cancel

India scrambles to cut gold imports, Siddhivinayak to the rescue
The 200-year-old Shree Siddhivinayak temple in Mumbai has said it will deposit a portion of its gold hoard with a bank by the end of the month for recycling, responding to a government campaign to monetise some of the country's thousands of tonnes of privately owned stocks of gold and cut costly imports.

Officials from finance ministry and the Reserve Bank of India met on Friday to discuss modifying the much-publicised scheme after managing to attract deposits of only three tonnes of gold in four months out of an estimated pool of 20,000 tonnes stacked away in family lockers and temple vaults.

Indians love gold, both as a store of wealth and gifts for humans and gods alike, and the country's appetite for it is next only to China's. Annual imports run to as much as 1,000 tonnes, accounting for about a quarter of the annual trade deficit.

Dozens of rich temples have collected billions of dollars in gold jewellery, bars and coins over the centuries, hidden securely in vaults, some ancient and some modern.

One of them, the Shree Siddhivinayak temple devoted to the Hindu elephant-headed god Ganesha, is now examining various proposals and will soon choose a bank to deposit 44 kg out of its total stash of 160 kg of gold, said a senior official at the trust that manages it.

The official said they did not want to be named before a statement is issued, which is likely to happen next week.

India's economic affairs secretary, Shaktikanta Das, said after Friday's meeting that temple trusts have started expressing an interest in the monetisation scheme but did not name any.

Sri Venkateswara Swamy Temple, the richest Hindu temple in the world popularly known as the Tirupati Temple, said at the end of last year it could deposit more than 5.5 tonnes under the monetisation programme.

Apart from monetisation, last year Prime Minister Narendra Modi also launched a gold bond programme to soften demand for physical gold.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
India scrambles to cut gold imports, Siddhivinayak to the rescue

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login