Government Converts Idle Temple Gold into 24-Carat Bars, Deposits with SBI Under Gold Monetisation Scheme
Chennai |
In a strategic move combining faith and finance, the Tamil Nadu government has converted over 1,000 kilograms of unused gold from temple offerings into 24-carat gold bars, which are now earning an annual interest of ₹17.81 crore.
The gold, collected over the years as devotional offerings at 21 temples across the state, had remained unused for temple rituals or deity adornment. Instead of letting it lie idle, the government directed that these articles be melted and refined at the Government Mint in Mumbai.
The resulting pure gold bars were then deposited in the State Bank of India (SBI) under the Gold Monetisation Scheme, enabling the temples to earn interest income, which is now being used for their development and upkeep.
📜 Policy Note: Interest to Benefit Temples Directly
The initiative was outlined in a policy note tabled in the Tamil Nadu Legislative Assembly by Hindu Religious and Charitable Endowments (HR&CE) Minister P. K. Sekar Babu.
“The interest accrued from the investment is used for the development of the temples concerned,” the note read.
The move not only safeguards the wealth of temples but also ensures that devotees’ contributions are meaningfully reinvested into temple infrastructure, facilities, and services.
Tamil Nadu’s model offers a balanced approach to religious asset management — respecting spiritual sentiments while ensuring economic utility. As temple donations continue to rise, this scheme could inspire other states to adopt similar policies that turn dormant religious wealth into sustainable revenue for preservation and growth.
