Ambaji and Somnath Mandir deposit 200 kg of Gold worth ₹120 cr in banks under GMS

Gandhinagar: Two temples in Gujarat, Ambaji Temple and Somnath Temple, have collectively deposited close to 200kg of gold in public sector banks under the Gold Monetization Scheme (GMS) introduced by the Union government.

A study conducted by the India Gold Policy Centre at the Indian Institute of Management, Ahmedabad, reveals the reluctance among retail consumers to part with their gold holdings. The study shows that only 0.22% of the surplus gold held by Indian households is monetized through the GMS. However, Ambaji Temple and Somnath Temple have cumulatively deposited close to 200kg of gold in public banks. Based on current prices, this amounts to gold deposits worth Rs 120.6 crore.

The government has been encouraging temples to deposit the gold they receive as donations in banks under the GMS. This allows the temples to earn interest of 2.25% per annum for medium-term deposits and 2.5% per annum for long-term deposits.

According to officials, the Ambaji Temple Trust has already deposited 168kg of gold in three phases, including 96kg and 23kg in two of the phases. Also, around 140kg of gold have been used to adorn the temple’s spire. Similarly, the Somnath temple has utilised the gold accumulated through donations for gold plating the temple spires and has also deposited six kg of gold under the GMS. DeshGujarat