MUMBAI/NEW DELHI, April 10 (Reuters) – The two-century-old Shree Siddhivinayak temple in Mumbai devoted to the Hindu elephant-headed god 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 state.

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 U.S 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.

The government would melt the gold and loan it to jewellers to meet an insatiable appetite for gold and reduce economically-crippling gold imports, which accounted for 28 percent of India’s trade deficit in the year ending March 2013.

India’s annual gold imports of 800 to 1,000 tonnes could be cut by a quarter if temples decided to participate in the scheme, say government and industry sources.

“We would be happy to deposit our gold to nationalised banks if the policy is beneficial, safe and earns good interest,” said Narendra Murari Rane, chairman of the trust for the Siddhivinayak temple, portions of which are gold-plated.

But some Hindu devotees are not happy with the idea that their offerings could be melted down.

A Mumbai-based gold merchant, who said he and his father had donated around 200 kg of gold to Siddhivinayak and other temples over the years, said it would be a sin for the temples to earn interest on the gold offered to the gods.

“I make donations to God; not to any temple trust,” the 52-year-old merchant said.

Modi would also like to convince Indians to open their family vaults, which hold an estimated 17,000 tonnes of gold in jewellery and other heirlooms.

But it will be much harder to convince Indian families, who sometimes have little faith in financial institutions, to break tradition and hand over gold passed down the generations.

India’s love affair with gold spans centuries is rooted in the Hindu religion. One of the biggest annual buying seasons is the Diwali 老虎证券 festival around October to November. Gold marriage dowries are widespread and with 70 percent of the population rural, gold is financial security.

INTEREST RATE KEY

Key to Modi’s plan will be the interest rates offered for gold deposits.

A similar gold monetization plan launched in 1999 proved ineffective, in part because the interest rates offered on gold deposits were regarded by temple officials as too low.

Under that scheme India’s top lender the State Bank of India offers 0.75 percent to 1 percent and only 15 tonnes of gold has been deposited so far.

Temple officials at Siddhivinayak and Shri Saibaba Sansthan in Shirdi, both in the western state of Maharashtra, say they expect interest rates in the new scheme to be much higher and so would consider participating.

The government plans to reveal rate details when it launches the new scheme. Siddhivinayak’s Rane said he expected at least 5 percent interest on gold deposits.

Rajendra Jadhav, executive officer of the Shri Saibaba Sansthan temple trust, said rates will also be key to his temple’s decision. He declined to say how much gold the temple, dedicated to a 19th century saint, had in its vaults.

A successful gold monetization programme could go a long way in helping India reduce its trade imbalance.

India raised the import duty on gold, the country’s biggest non-essential import, and imposed other restrictions in 2013 after the current account deficit hit a record $190 billion.

If India can cut imports, that would pressure gold prices that fell to a four-month low last month before recovering. Lower gold prices will help India cut its import bill.

However, a successful scheme could also expose the government to potential risks, if gold prices were to take off and depositors decided to withdraw at the same time.

“There is going to be a lock-in period under the new gold monetizing scheme,” said Sudheesh Nambiath, an analyst at precious metals consultancy GFMS. “Banks will have to replenish the stocks with imports later (if temples withdraw gold).”

Source:

first few days on lexapro lexapro medication azithromycin for uti how to use viagra cialis 20mg directions tamoxifen nebenwirkungen cialis pills what does ciprofloxacin 500mg treat ciprofloxacin 250mg cialis for men wellbutrin and lexapro lexapro 20mg tamoxifen therapy lexapro vs wellbutrin cipro antibiotic cipro side effects in elderly viagra ohne rezept aus deutschland cipro uses azithromycin side effects viagra from canada viagra tesco azithromycin pediatric dosing tamoxifen lawsuits acyclovir side effects what is cialis lexapro cialis propecia side effects celexa vs lexapro zovirax dosage effects of stopping finasteride buy cialis online zoloft vs lexapro cost of cialis viagra tablets cialis sample what is lexapro viagra without a doctor prescription usa antibiotic ciprofloxacin side effects of cialis cialis canadian pharmacy what is azithromycin for finasteride medication viagra for sale uk levitra how long does viagra last withdrawal from lexapro viagra wikipedia what is escitalopram cialis for women viagra for women cyalis azithromycin tablets side effects of acyclovir what does azithromycin treat levitra coupons what is azithromycin lexapro 5mg buy cialis lexapro and wellbutrin combination therapy discount cialis cheap cialis cialis coupons what is cipro used for acyclovir dosage for cold sores weaning off lexapro buying viagra side effects of azithromycin azithromycin for strep throat when will cialis go generic ciprofloxacin bnf azithromycin 500 mg cipro side effects azithromycin uses cilias levitra 20mg cost per pill viagra pills nolvadex cialis website cialis pricing viagra vs cialis cialis cheap cialis 30 day trial coupon cialis 5 mg cialis coupons 2017 azithromycin and alcohol viagra generic buy levitra lexapro 10 mg ciprofloxacin side effects generic levitra tamoxifen and weight gain escitalopram side effects cialis free trial tamoxifen side effects cialis samples escitalopram nebenwirkungen canada cialis utilisation viagra azithromycin coverage ciprofloxacin hcl acyclovir 800mg what is ciprofloxacin prescribed for finasteride tablets cialis reviews generic cialis at walmart viagra for sale azithromycin 250 viagra samples ciprofloxacin 500 mg cialis alternative what is lexapro used for viagra coupon acyclovir dose discount viagra acyclovir for shingles ciprofloxacin dosierung where to buy viagra lexapro withdrawal symptoms cialis prices azithromycin pregnancy zithromax is tamoxifen chemotherapy cialis for sale ciprofloxacin 500mg finasteride long term effects tamoxifen cost herbal viagra lexapro and weight loss azithromycin vs erythromycin free viagra cialis trial buy levitra online vardenafil vs viagra acyclovir dosage zovirax cream 200 cialis coupon lexapro generic name azithromycin drug class ciprofloxacin drops cialis coupon 20 mg viagra cialis does lexapro cause weight gain cheap levitra what infections does ciprofloxacin treat what is cipro ciprofloxacin nebenwirkungen levitra bayer 20mg meilleur prix acyclovir ointment 5 how does acyclovir work viagra sans ordonnance levitra vs viagra for hardness lexapro withdrawal ciprofloxacin 500mg tablets what bacteria does ciprofloxacin kill ciprofloxacin ophthalmic solution how to take cialis what is lexapro for generic levitra vardenafil 20mg levitra prices viagra 100 azithromycin dosage cialis dosage recommendations acyclovir vs valacyclovir generic viagra 100mg cialis pills for sale cialas ciprofloxacin hcl 500 mg tab generic cialis tadalafil zithromax z-pak ciprofloxacin uses cialis without a doctor’s prescription acyclovir generic for lexapro canadian viagra viagra vs cialis vs levitra viagra side effects lexapro overdose lexapro side effects in men zovirax pills viagra soft viamedic cialis lexapro reviews acyclovir for cold sores lexapro weight gain what is tamoxifen buy generic viagra viagra bestellen cialis discount side effects of tamoxifen cialis effects erectile dysfunction cialis azithromycine cipro free cialis how does cialis work azithromycin three times a week how to wean off lexapro azithromycin eye drops viagra effects cialis for bph finasteride 5mg side effects mayo clinic levitra 20 mg ciprofloxacin spc levitra without a doctor prescription generic for cialis viagra alternatives ciprofloxacin side effects after age 60 finasteride reviews escitalopram oxalate side effects of lexapro ciprofloxacin used for common side effects of ciprofloxacin 500 mg cialis otc cialis vs viagra zithromax dosage cialis generic finasteride 5 mg tab ciprofloxacin hydrochloride how long for lexapro to work cipro dangers is lexapro a controlled substance post finasteride syndrome finasteride 5mg side effects cialis side effects azithromycin class finasteride efectos secundarios viagra receptfritt cialis coupons printable equipe argentine viagra buy generic levitra finasteride for hair loss levitra rezeptfrei deutschland lexapro bula viagra coupons azithromycin 250 mg treatment lexapro vs zoloft what is finasteride used for azithromycine 250 mg viagra on line azithromycin cost lexapro side effects side effects of viagra viagra medicine best price viagra acyclovir ointment viagra prices lexapro benefits for women azithromycin 250mg tablets 6 pack how much does cialis cost ciprofloxacin side effects in women finasteride effets secondaires finasteride dosage cipro for uti viagra natural side effects of ciprofloxacin acyclovir 800 mg for shingles tamoxifen and foods to avoid tamoxifen citrate finasteride 1mg ciprofloxacin hcl 500 mg azithromycin medscape viagra 100mg zovirax ointment liquid cialis vardenafil 20mg tamoxifen bijwerkingen what is viagra ciprofloxacin drug class viagra generico cealis cialis patent expiration date extended levitra dosage viagra 100 mg finasteride vs dutasteride levitra 10 mg prezzo escitalopram 10mg what does viagra do cipro dosage pfizer viagra coupons from pfizer azithromycin 500mg viagra vs cialis viagra sex pfizer viagra generic viagra levitra prezzo in farmacia lexapro para que sirve ciprofloxacin dosage cialis coupon print side effects of ciprofloxacin 500 mg cialis on line azithromycin tablet generic lexapro generic cialis viagra online sophia viagra cialis 5mg viagra vs cialis vs levitra ciprofloxacin for dogs what is cipro usually prescribed for cialis copay card zithromax antibiotic zithromax 500 mg viagra alternative ciprofloxacin 500mg antibiotics ciprofloxacin cialis daily levitra erfahrungen price cialis escitalopram 10 mg para que sirve zovirax for cold sores levitra vs viagra viagra on line no prec finasteride side effects in men online cialis lexapro dosages viagra costs zovirax what is acyclovir used for viagra uk ciprofloxacin 250 mg effects of stopping lexapro suddenly is ciprofloxacin a penicillin cialis online buy viagra online azithromycin without a doctor’s prescription lexapro side effects men cipro 500 side effects of lexapro in women finasteride results viagra tamoxifen langzeitfolgen cipro drug class escitalopram 10 mg what is acyclovir for acyclovir 400 mg acyclovir medication tamoxifen side effects in women over 55 how long for azithromycin to take effect ciprofloxacin class cialis tadalafil cialis medication what does ciprofloxacin treat levitra 20 mg von bayer viagra tablet viagra pillen kruidvat azithromycin 500 finasteride side effects finasteride for women cialis testimonials cialis or viagra azithromycin 5 day dose pack cialis professional online viagra cialis dosage strengths finasteride and enlarged prostate cheap viagra buy viagra ciprofloxacin 500 mg tabletten cialis from canada lexapro side effects in women cialis generic availability cialis savings card azithromycin 250 mg viagra activate lexapro for anxiety side effects of finasteride levitra 20 mg precio farmacia what is finasteride ciprofloxacin 500 finasteride 5mg tab viagra wiki escitalopram 20 mg order viagra levitra 20 mg cost walmart cialis 30 day sample viagra substitute ciprofloxacin coverage what is acyclovir tamoxifen viagra ohne rezept auf rechnung acyclovir 200mg acyclovir 800 mg 5 times a day lowest cialis prices lexapro dosage canada viagra viagra pill viagra cost natural viagra levitra 20mg azithromycin liquid propecia cialis coupons from manufacturer acyclovir 800 mg 9 levitra at walmart azithromycin 500 erfahrungen side effects of azithromycin 250 mg side effects of finasteride 5mg women viagra how to get off lexapro ciprofloxacin 500 mg for urinary tract infection cost of viagra what works better than viagra ciprofloxacin dose viagra canada viagra for men lexapro dosing escitalopram what does finasteride do cialis 20 mg cialis 5mg daily levitra vs viagra escitalopram effets secondaires azithromycin z pak canadian cialis viagra en ligne livraison 24h ciprofloxacin eye drops cialis canada finasteride 5mg daily cialis what is azithromycin used for azithromycin pregnancy category viagra 100mg tablets retail price finasteride hair loss lexapro and weight gain levitra generic cipro and tendonitis lexapro manufacturer website cipro antibiotics lexapro coupons viagra single packs viagra kaufen lexapro generic over the counter viagra cialis patent expiration viagra 50mg cialis vs viagra levitra online cialis voucher viagra price finasteride permanent side effects cialis patent expiration 2017 how does lexapro work cialis 10 mg azithromycin 250mg acyclovir dosing lexapro 10mg how does viagra work cialis generic tadalafil side effects of lexapro 10 mg what is tamoxifen used for tamoxifen and bone pain cialis cost is azithromycin penicillin viagra without a doctor prescription levitra coupon cialis price what is ciprofloxacin used for azithromycine eg 500 mg bijsluiter azithromycin for pneumonia cialis pharmacy prices cialis 20mg ciprofloxacin hydrochloride ophthalmic side effects lexapro cialis coupon finasteride 5 mg thuoc azithromycin is azithromycin acyclovir cream tamoxifen interaction female viagra viagra dosage lexapro and weight gain in women revatio vs viagra lexapro vs celexa ciprofloxacin hcl 500 mg side effects wholesale cialis cialis for daily use viagra nebenwirkungen tamoxifen side effects in women finasteride how to wean off lexapro without withdrawals cialis samples overnight azithromycin ciprofloxacin 500mg antibiotics side effects what is ciprofloxacin stopping lexapro cialis dosage sex viagra for women acyclovir 400mg