Golden Returns: Temples of Tamil Nadu Turn Idle Gold into Lucrative Investments

In Tamil Nadu, over 1,000 kg of unused gold from 21 temples has been melted into 24-carat bars and deposited in banks, yielding an annual interest of Rs 17.81 crore. The interest supports temple development, coordinated by committees led by retired justices. Similar steps are planned for silver items.

In an innovative initiative, Tamil Nadu has transformed over 1,000 kg of unused gold articles from 21 temples into investment assets. These gold articles, initially offered by devotees, were melted into 24-carat bars at a government mint in Mumbai and invested through the State Bank of India's Gold Investment Scheme.

This strategic move is generating a substantial annual interest of Rs 17.81 crore, as revealed by a policy note from the Hindu Religious and Charitable Endowments Department. Minister P K Sekar Babu, who tabled the report, stated that the interest earned is allocated for temple development.

Furthermore, the government has approved similar steps for unused silver items in temples, which are to be melted into pure silver bars. The initiative is meticulously overseen by committees led by retired judges to ensure transparency and effective implementation across different state regions.

(With inputs from agencies.)