Kanaka Durga Temple Deposits 29.5 Kg Gold Under GMS Scheme

Quick Summary

• Temple Deposit: Sri Durga Malleswara Swamy Varla Devasthanam authorities deposited 29.510 kg of gold ornaments under the Gold Monetisation Scheme (GMS) at SBI Gandhinagar branch in Vijayawada on July 7, 2025.
• Interest Rate: The deposit will earn an annual interest rate of 0.60%.
• Gold Value: The estimated value of the deposited gold, based on the market rate of ₹9,010 per gram for 22-carat gold, is approximately ₹26.58 crore.
• Verification Process:

– A special committee oversaw verification and transfer.
– Members included endowment officials (e.g., Pallam Raju), temple appraisers, and other authorities from both the temple management and Endowments Department.
– comprehensive security was ensured by the Special Police Protection Force during transportation and handover to SBI officials.

Indian Opinion Analysis

The decision by Sri Durga Malleswara swamy Varla Devasthanam to leverage its dormant gold holdings via the Gold Monetisation Scheme reflects a pragmatic financial measure aimed at generating passive income for temple operations while ensuring optimal utilization of resources. At an annual interest rate of 0.60%,this move represents a secure way to manage such valuable assets in lieu of them remaining idle.

India’s broader push for adopting GMS among entities like temples signals potential shifts towards institutional participation in resource optimization tied directly to economic frameworks-especially those incentivizing productive investment models over stagnant reserves.This could stimulate greater trust and adoption among religious institutions with critically importent wealth holdings. Strict adherence to verification protocols ensures transparency while maintaining public confidence in such undertakings.

for temples managing significant donations or assets like Kanaka Durga’s example here, it sets a precedent that balances long-term financial security with upholding cultural heritage responsibilities-a recurring theme amid India’s evolving economic landscape.

Read more: Source Link