New Delhi: The prayers of PM Modi will come soon true when the world’s richest Tirupati temple will rescue him in recycling tonnes of idle gold and cut economy-hunting imports.
The gold monetistation scheme, aimed at persuading individuals, institutions and rich temples to deposit some of their gold stash with banks to recycle, has only attracted about one kg in a month out of a total hoard of over 20,000
Sri Venkateshwara Swamy Temple, is believed to have been the abode of Lord Venkateshwara for 5,000 years, may become the biggest contributor with more than 5.5 tonnes of gold.
“It’s a good scheme,” said Yanamala Ramakrishnudu, the finance minister of Andhra Pradesh, where the temple is located. “We have already issued a directive to go for the scheme.”
India is the world’s second-biggest consumer of gold after China and the country’s insatiable appetite meant imports of the precious metal accounted for 28 percent of India’s trade deficit in the year ending March 2013.
According to DNA newspaper reported on Friday that India is planning to ban imports of 24-carat gold jewelry in an attempt to curb the misuse of free trade agreement with Asian countries.
