Mumbai: Close on the heels of India’s richest Hindu temple-Tirupathi temple deciding to support Modi’s Gold Monetisation Scheme, Siddhivinayak temple in Mumbai too is considering the idea of investing a portion of its gold reserves in the Gold Monetisation Scheme launched by the Centre.

The proposal will be discussed at a meeting of the temple board soon. If approved by the trustees, it would be submitted to the state government for clearance and 160 kgs of gold reserve of the temple will be forwarded to the monetisation scheme.

The temple located at Prabhadevi in the heart of the city is visited by thousands of devotees from all over the country and abroad, many of whom make rich offerings to the the shrine including gold.

It is said that the temple auctions the gold in three to four rounds, but despite that it is left with some stock, which the Temple Board is now contemplating to invest in the Gold Scheme after following proceedures.

On November 5, Prime Minister Narendra Modi launched three gold schemes — sovereign gold bonds, monetisation and gold coin scheme. They were forumulated with a view to discourage physical possession or dealings in the bullion thereby bringing down the import of the yellow metal which last year stood at 1,000 tonnnes.

The maiden Gold Bond scheme, which was a success considering the limited period offer with the government mopping up Rs 246 crore while the monetisation scheme is yet to evoke a big response.