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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

India targets temple gold hoard to rescue monetization plan

By cpowell
Created 2015-12-03 18:28

Call it "paperization."

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By Rajendra Jadhav and Krishna N. Das
Reuters
Thursday, December 3, 2015

India is trying to persuade rich temples to deposit some of their gold hoards with banks to revive a plan to recycle tonnes of the precious metal and cut gold imports, sources said.

The scheme has only attracted about 1 kilogramme in a month, prompting the government to nudge temples through banks to hand over their treasures, the sources said, but at least one temple said it was still unconvinced by the plan. ...

... Dispatch continues below ...



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"Convincing retail consumers is not an easy task, it takes time," said a senior official with a state bank, who declined to be named. "We're planning now to focus on institutions like temples."

But Mumbai's two-century-old Shree Siddhivinayak temple, which is devoted to the Hindu elephant-headed god Ganesha, said it remained unconvinced about the benefits. ...

Modi wants temples to deposit some of this with banks, in return for interest and cash at redemption. The government would melt the gold and loan it to jewellers. ...

A finance ministry official said if banks fail to win over temples, the government could intervene directly as it is looking for a big boost to the scheme to keep both imports and the current account deficit under control. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/12/03/india-gold-temples-idUSL3N13S3... [2]

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Source URL:
http://www.gata.org/node/15992