Mumbai’s Temple to Deposit 160 kg Gold in GMS

Mumbai: One of the most popular temples in India may soon make the first substantial contribution to Prime Minister Narendra Modi’s plan to recycle tons of idle bullion to reduce imports and the country’s current account deficit, according to media reports.

Mumbai’s two-century-old Shree Siddhivinayak temple is considering depositing some of its 160 kgs. of gold with banks, according to a spokesman of the temple trust.

The deposit would be a big boost for the Gold Monetization Scheme (GMS) that has attracted only one kg. in its first month.

“We are planning to melt 40 kgs. of jewellery with lower purity to make bars and deposit those bars under the GMS,” Sanjiv Patil, executive officer of the temple trust told Reuters on Wednesday. A final decision will be made later this month, he said.