While earning Siddhivinayak nearly Rs 69 lakh in annual interest, it could also spur temple trusts of the likes of Tirumala and Shirdi to follow suit.
The Siddhivinayak temple - one of India's richest shrines - has decided to move 40kg of its gold reserves to the government-sponsored Gold Monetisation Scheme. This is likely to earn the temple nearly Rs 69 lakh in annual interest.
The temple's gold pledge is the first big-ticket deposit under the Gold Monetisation Scheme and could spur more temple trusts of the likes of Tirumala and Shirdi to follow suit.
The scheme - one of Prime Minister Narendra Modi's pet projects - has received rather poor response so far, receiving just 400 gram in deposits. According to some estimates, there is around 20,000 tonnes of gold worth over Rs 52,00,000 crore lying idle in the country.
Siddhivinayak temple commits 40kg gold to PM Modi's pet scheme - The Times of India
The Siddhivinayak temple - one of India's richest shrines - has decided to move 40kg of its gold reserves to the government-sponsored Gold Monetisation Scheme. This is likely to earn the temple nearly Rs 69 lakh in annual interest.
The temple's gold pledge is the first big-ticket deposit under the Gold Monetisation Scheme and could spur more temple trusts of the likes of Tirumala and Shirdi to follow suit.
The scheme - one of Prime Minister Narendra Modi's pet projects - has received rather poor response so far, receiving just 400 gram in deposits. According to some estimates, there is around 20,000 tonnes of gold worth over Rs 52,00,000 crore lying idle in the country.
Siddhivinayak temple commits 40kg gold to PM Modi's pet scheme - The Times of India
