The government would melt the gold and loan it to jewellers. India is trying to persuade rich temples to deposit some of their gold hoards with banks instant heating tap Suppliers to revive a plan to recycle tonnes of the precious metal and cut gold imports, sources said. “We;re planning now to focus on institutions like temples.The scheme has only attracted about one kilogramme in a month, prompting the government to nudge temples through banks to hand over their treasures, the sources said, but at least one temple said it was still unconvinced by the plan.Mr Modi wants temples to deposit some of this with banks, in return for interest and cash at redemption. India’s temples have collected billions of dollars in jewellery, bars and coins over the centuries, hidden securely in vaults, some ancient and some modern.A finance ministry official said if banks fail to win over temples, the government could intervene directly by talking to the temples as it is looking for a big boost to the scheme to keep both imports and the current account deficit under control.
Another reason for a lack of interest from families and temples is that banks accept deposits only after they have been melted down, leading to a potential loss in weight due to impurities.India is trying to persuade rich temples to deposit some of their gold hoards with banks to revive a plan to recycle tonnes of the precious metal and cut gold imports, sources said.In a bid to reduce the economically crippling imports, Prime Minister Narendra Modi launched the much-publicised scheme to tap a pool of more than 20,000 tonnes of gold lying idle in homes and temples.”But Mumbai’s two-century-old Shree Siddhivinayak temple, which is devoted to the Hindu elephant-headed god Ganesha, said it remained unconvinced about the benefits. Some devotees are also opposed to their offerings to temples being melted in the first place. Despite offering slightly better interest rates than past schemes, the government is finding it difficult to break families’ attachment to their jewellery. The Shree Siddhivinayak temple auctions gold jewellery donations and collects an additional 10 per cent from the highest bidder, while it will miss out on that if gold is deposited with bank.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 per cent of India’s trade deficit in the year ending March 2013. “Convincing retail consumers is not an easy task, it takes time,” said a senior official with a state bank, who declined to be named.India’s economic affairs secretary Shaktikanta Das said in a Twitter post on Friday that: “No one will be coerced to monetise their gold,” adding that the scheme was entirely voluntary and certain media reports to the contrary were false
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