The gold monetization scheme launched by the Modi government may get its richest and biggest client soon. This scheme was launched in a bid to persuade individuals, organizations and wealthy temples for depositing some of their gold piles with the bank for recycling purpose. This scheme aims to use the gold which is lying unused and reduce the imports which are hurting the Indian economy.
This scheme may get the Sri Venkateswara Swamy Temple as its biggest client as it may contribute more than 5.5 tonnes of gold. Sri Venkateswara temple is popularly known as Tirupati temple and as per the belief it is the house of Lord Venkateswara for 5,000 years.
Yanamala Ramakrishnudu, the finance minister of AP said, “It’s a good scheme. We have already issued a directive to go for the scheme.”
After China, India comes second in terms of the consumption of gold, and its high consumption makes imports necessary which are 28% of the trade deficit for the year ending March 2013.
The tradition of offering gold ornaments and coins to God by the devotees is in place since centuries and most of the temples do not say a word about their gold stocks.
[ post source - rvcj ]
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