INDIA, December 5, 2015 (Hindustan Times): The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi’s plan to recycle tons of idle gold and cut economy-hurting imports. The gold monetization scheme, aimed at persuading individuals, institutions and rich temples to deposit some of their gold stash with banks to recycle, has only attracted about 2 lbs. in a month out of a total estimate of over 20,000 tons in private hands.
But the Sri Venkateswara Swamy Temple, popularly known as the Tirupati Temple that is believed to have been the abode of Lord Venkateswara for 5,000 years, may become the biggest contributor with more than 5.5 tons 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% of India’s trade deficit in the year ending March 2013.