India's gold paperizing scheme strains for its fourth tonne of metal


Mumbai's Siddhivinayak Temple to Mobilize Gold as India Scrambles to Cut Imports

By Rajendra Jadhav, Sankalp Phartiyal, Neha Dasgupta, and Krishna N. Das
Friday, March 18, 2016

The 200-year-old Shree Siddhivinayak temple in Mumbai has said it will deposit a portion of its gold hoard with a bank by the end of the month for recycling, responding to a government campaign to monetize some of the country's thousands of tonnes of privately owned stocks of gold and to cut costly imports.

Officials from finance ministry and the Reserve Bank of India met today to discuss modifying the much-publicized scheme after managing to attract deposits of only three tonnes of gold in four months out of an estimated pool of 20,000 tonnes stacked away in family lockers and temple vaults. ...

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