Siddhivinayak temple in Mumbai to donate 40-Kg gold to Modi's gold scheme

The two-century-old Shree Siddhivinayak temple in Mumbai, devoted to Lord Ganesha, is reportedly holding 160-Kg of gold in the form of jewelry that had been donated by devotees. The temple trust plans to deposit a portion of this with banks under Prime Minister Narendra Modi's plan to recycle tonnes of idle bullion to reduce imports and the country's current account deficit.
This has been reported in ibnlive.com dated 10 December 2015.

The deposit would be a big boost for the gold monetisation scheme that has attracted only one kg in its first month. AS the trust says - it plans to melt 40-Kg of the jewellery with lower purity to make bars and deposit those bars under the gold monetisation scheme.
The Siddhivinayak temple has in the past given 10-Kg of gold to a bank under an old deposit scheme. However, the final decision will be taken later in the month.
It may be recalled that Prime Minister Narendra Modi has launched the scheme to tap a pool of over 20,000 tonnes of gold that is held by households and temples in India. Such deposits would reduce imports of the precious metal that accounted for 28 per cent of India's trade deficit in the year ending March 2013.

(Image courtesy wikimediacommons.org)

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