Rich temples may open gold vaults for PM Modi
April 10, 2015  10:57
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Reuters reports: The two-century-old Shree Siddhivinayak temple in Mumbai devoted to Lord Ganesha bristles with close circuit cameras and is guarded by 65 security officers. It is one of India's richest temples, having amassed 158 kg of gold offerings, worth some $67 million, and its heavily guarded vaults are strictly off limits.

India is the world's biggest consumer of gold and its ancient temples have collected billions of dollars in jewellery, bars and coins over the centuries -- all hidden securely in vaults, some ancient and some modern. 

A few years ago a treasure of gold worth an estimated $20 billion was discovered in secret subterranean vaults in the Sree Padmanabha Swamy temple in Kerala.

Now, Prime Minister Narendra Modi wants to get his hands on this temple gold, estimated at about 3,000 tonnes, more than two thirds of the gold held in the US bullion depository at Fort Knox, Kentucky, to help tackle India's chronic trade imbalance.

Modi's government is planning to launch a scheme in May that would encourage temples to deposit their gold with banks in return for interest payments.

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