Temples prop up GDS in State

By Our Staff Reporter

KOZHIKODE, OCT. 15. By becoming subscribers, temples in the State have literally propped up the Gold Deposit Scheme (GDS) introduced by the Central Government an year ago.

The scheme, intended to mop up unutilised gold including ornaments with individuals and institutions, has failed to enthuse the common man though the total gold collection is all set to cross one tonne, courtesy temples, by the end of the current fiscal.

The State Bank of India (SBI)--which is entrusted with the task--has, so far, garnered 500 kg of gold through its designated branches in Thiruvananthapuram, Kochi, Thrissur and Kozhikode.

With the Hindu Religious and Charitable Endowment Administration Department--which is monitoring the activities of temples in the Malabar region--agreeing to subscribe to the scheme, a surge in gold collection is expected soon. The first deposit is likely to come from the Kadampuzha temple in Malappuram district this week.

The largest subscriber to the scheme in the State is the Guruvayur Devaswom. It has deposited 300 kg of gold with the SBI's Thrissur branch which has helped the bank become the biggest mobiliser of the scheme garnering 343 kg. In comparison, the Kochi and Kozhikode branches could muster only seven and five kg respectively. The figures of Thiruvananthapuram branch are not available. However, if the Sabarimala Devaswom too agrees to subscribe to the scheme, meeting the targetted one tonne will not be a great deal for the SBI.

As per the scheme, the assayer values the gold bank and issues a gold certificate bearing interest rates. As of now the interest rate is 4 per cent per annum. At the end of the tenure, the subscriber can avail the amount due to him in gold or cash. Premature withdrawal is also allowed.

The minimum requirement norm--200 gm--is stated to be one of the reason that is keeping the individual from opting for the scheme, the other being the inability of the bank to make good for the value-addition on ornaments. As the bank evaluate the ornament purely on weight and caratage, a customer stands to lose nearly 10 per cent on account of this. The sentimental value attached to the ornaments--especially if it is ancestral property--also prevents an individual to subscribe to the scheme.

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Section  : Southern States
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