Though most temples seem reluctant to deposit their stock of gold with the RBI, the Siddhi Vinayak Temple at Prabhadevi has set an example by showing readiness to deposit the yellow metal with the apex bank. During the Uttarakhand cloudburst tragedy too, the temple had donated Rs 1 crore for relief operations. Some of India's richest temples such as the Tirupati Balaji, the Sri Padmanabhaswamy , the Sri Krishna Temple of Guruvayur and Vaishnodevi seem to be in no mood to deposit the treasure to ease the supply crunch and control the outflow of dollars.
At a time when nothing seems to be able to stem the Indian rupee’s decline, a novel idea to boost the currency is doing the rounds; using the tonnes of gold stashed away in people’s homes and in temples, the bank could pay them an interest for their gold, and then sell a large portion of the stock in the domestic market – thus ultimately, reducing the need to import..........
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