Somnath & Ambaji temple trusts make investments 200 kg of gold in Gold Monetisation Scheme: How it advantages them

The Government of India introduced the Gold Monetisation Scheme (GMS) in 2015 beneath which the trusts of two main Hindu temples of Gujarat have invested the gold they get in donations from devotees and obtained a big amount of cash for service and temple work. Somnath Jyotirlinga Temple Trust and Shaktipeeth Ambaji Temple Trust have invested 200 kg of gold beneath this GMS scheme.

According to stories, two main temples in Gujarat – Ambaji Temple and Somnath Temple – have deposited as a lot as 200 kg of gold in public sector banks beneath GMS in a brief span of time. According to the present costs, this quantities to a gold deposit value Rs 120.6 crore.

At this time, the value of gold within the Ahmedabad market is Rs 60,300 per 10 grams. Looking on the present tendencies, a senior government of the general public sector financial institution mentioned that the federal government is encouraging temples to deposit the gold collected as donations beneath the Gold Monetisation Scheme in banks. This offers an rate of interest of two.25% every year for medium-term deposits and a couple of.50% every year for long-term deposits.

This may be very helpful for temples as they’ll redeem gold on the present market value. In addition, their deposits get matured and so they get curiosity on these deposits. The largest chunk of the deposits made beneath GMS from Gujarat got here from the Ambaji Temple Trust.

Ambaji Temple Trust deposited 168 kg of gold and Somnath Temple Trust deposited 6 kg of gold

The largest chunk of the gold deposits made beneath GMS from Gujarat got here from the Ambaji Temple Trust. Banaskantha district collector and trustee Varun Kumar Barnwal mentioned, “Ambaji temple has deposited 168 kg of gold in three phases. This includes 96 kg and 23 kg in two phases.”

Somnath temple has additionally deposited six kg of gold beneath GMS. P Okay Laheri, a trustee of Shri Somnath Trust, mentioned, “About 150 kg of gold has been melted and used for plating and decorating the Shikhar of Somnath temple. The temple trust has recently deposited around 6 kg of gold under GMS.”

Whatever quantity the 2 temple trusts have earned by investing gold is utilized by them for upkeep of the temple premises, social work, and repair work.

Services finished by The Somnath Temple Trust

The Somnath Trust has been doing environmental providers, gau seva, meals donation, and assist charities related to training and healthcare. Apart from this, trendy dwelling preparations, relaxation homes, and free meal providers are additionally run for the devotees. This quantity might be used for all these service works.

Apart from this, at any time when there was a catastrophe, calamity or any hour of want involves Gujarat, the Somnath Temple Trust comes ahead and extends a serving to hand.

Services finished by Ambaji Temple Trust

Like the Somnath Temple Trust, the Ambaji Temple Trust has additionally been working in lots of areas of social service the place this quantity might be used. Since 1991, a school is being run by The Shri Arasuri Ambaji Mata Devasthan Trust. This institute known as Shri Ambaji Arts College. Along with this, a contemporary library has additionally been constructed there.

A 200-bed trendy hospital can be run by the Shri Arasuri Ambaji Mata Devasthan Trust. Apart from remedy, there may be additionally a pathology lab, X-ray clinic, maternity residence, feminine and male affected person wards, and operation theatre.

Apart from this, many different providers are additionally finished by Ambaji Trust. For instance, relaxation homes are run for pilgrims, free meals are offered, and ceaselessly open-handed help is offered at any time when there may be any pure calamity within the state.

What is Gold Monetisation Scheme (GMS)?

The gold monetization scheme was launched by Prime Minister Narendra Modi on September 15, 2015. This scheme has been designed to assist individuals obtain curiosity on their unused gold mendacity idle within the financial institution locker. The Gold Monetisation Scheme is principally a brand new deposit instrument to make sure the aggregation of gold held by numerous households and establishments in India. It is predicted that the scheme will flip gold right into a productive asset in India. This new Gold Scheme is a alternative of the previous Gold Deposit Scheme (GDS) and Gold Metal Loan Scheme (GML) and has changed the earlier Gold Deposit Scheme, 1999.

Investors can deposit gold for the brief, medium and long run beneath the Gold Monetisation Scheme (GMS). The scheme permits the investor to deposit gold in short-term financial institution deposits (SRBDs) and medium and long-term authorities deposits (MLTGDs).

Short Term Bank Deposit (STBD)

Allows tenure from one to a few years
Allows interim tenure reminiscent of one 12 months three months, two years 4 months, and many others.
The lock-in interval and penalty might be determined by the designated banks
Banks are free to resolve the rate of interest on these deposits

Medium and Long Term Government Deposits (MLTGD)
The financial institution appointed on behalf of the central authorities will settle for deposits beneath this scheme
The maturity interval is 5 to seven years for the medium time period and 12 to fifteen years for the long run
Interest charges 2.25% p.a. for the medium time period and a couple of.50% p.a. for the long run
The curiosity on the deposit might be paid on March 31 yearly
The lock-in durations on these deposit schemes are three years and 5 years respectively
Who can make investments beneath GMS?

Individuals
Hindu Undivided Family (HUF)
Companies
Charitable Organizations
Ownership and Partnership Firms
Any belief together with mutual funds or exchange-traded funds
Central Government
State Government
Other central or state government-owned establishments

More advantages beneath GMS than placing gold within the locker

If a person or group places the gold within the financial institution locker, then it doesn’t get any curiosity. At the identical time, no dividend is paid on it. Apart from this, the investor additionally has to pay a cost for that locker.

On the opposite, if the identical individual or group invests the identical gold beneath this Gold Monetization Scheme (GMS), then he’s eligible for the curiosity fastened on that gold and doesn’t should pay locker prices too.