Tirupati Balaji temple to join hands with PM Modi on Gold Monetization Scheme

The richest temple in the world, Tirupati Balaji, is likely to come to the rescue of prime minister Narendra Modi's gold monetisation scheme by contributing to it.

The gold monetisation scheme is about recycling tonnes of idle gold and cutting economy-hurting imports. It is aimed at persuading individuals, institutions and rich temples to deposit some of their gold stash with banks to recycle, has only attracted about one kg in a month out of a total hoard of over 20,000 tonnes.

The Tirupati temple has decided to contribute about 5.5 tonnes of gold if all the terms and conditions are at place.

D Sambasiva Rao, executive officer of the trust that manages the temple, said,"The temple investment committee will evaluate and whichever scheme is beneficial we are going to do that".

Most of Tirupati's gold has been deposited with banks under previous schemes which offer about one percent interest. The new scheme is offering an annual interest of up to 2.5%.

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