Prime Minister Narendra Modi’s efforts to monetise the gold stashed in bank lockers and vaults of organisations, including shrines and temples, got a positive response from one of the 12 Jyotirlingas, the Somanath temple in Saurashtra.

The temple, which has more than 130 kg of gold and about 3 tonnes of silver in its vaults, sees dual benefits in the gold monetisation scheme (GMS) 2015, formally launched by Modi on Thursday. Modi is one of the trustees of the Trust.

Decision soon PK Laheri, Secretary, Shree Somnath Trust, told Business Line : “The temple receives offering in gold lagdi (bar) and jewellery. The gold is melted and standardised before storing in the vaults. As the government scheme is offering interest on the gold, it is worth consideration.”

“A decision on this may be taken at the trustees’ meeting scheduled after Diwali,” he added.

According to Laheri, Somnath Temple, for which the Pran-Pratistha was conducted on May 11, 1951 by then President of India Rajendra Prasad, is one of the youngest Jyotirlingas. Sardar Vallabhbhai Patel had renovated the temple which had been repeatedly looted and vandalised by invaders.

The temple now has gold reserves of over 130 kg.

‘Double advantage’ “The scheme gives double advantage of revenue appreciation along with capital appreciation. Also, there is a possibility that coins launched by the government with our emblem on it may create a new trend in the devotees, who would otherwise donate cash,” said Laheri, who was earlier Chief Secretary to the Gujarat government.

Laheri added that the Trust had received suggestions to monetise gold by selling it. “But prices continued to fluctuate. Also, gold is a natural hedge against inflation. Getting return on idle gold is a good proposition,” he added.

The government hopes to reduce India’s gold import bill through the scheme.

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