Two more temples, both from Gujarat, have joined the government's Gold Monetisation Scheme, taking the total so deposited since the launch in November 2015 to around six tonnes.

Progress is slow but some experts say the scheme needs to be given some time before it picks up. Sometime earlier, the Shree Somnath Trust, near Junagadh, had deposited a small quantity of gold under GMS with Dena Bank.

This was refined by the Gujarat Gold Center, one of the oldest gold refineries in the state, at Ahmedabad. In end-January, another North Gujarat temple, Ambaji's, Shri Arasuri Ambaji Mata Devasthan Trust, deposited 6.3 kg of gold with Dena Bank, through the same Centre.

This is the first such incidence, of a private refinery route being used to deposit gold.Sources close to the temple said they were testing the mechanism.

"More deposits will be made in the near future,' the source said. The Ambaji temple is said to have another 100 kg which can be deposited.

Rajesh Bhayani/Business Standard