zerohedge.com / By Tyler Durden / September 1, 2013, 17:39 -0400
Ten days ago, it was a tongue in cheek suggestion that the Royal Bank of India should lease their gold in a last ditch effort to procure much needed USD and keep the economic engine going. Then it was an offer so good, the citizens could simply refuse (or maybe not if it was enforced) that the millions of ounces of local wealth preserving gold be converted into Rupees in a wholesale gold purchasing campaign by the domestic banks. Now, the India Times, reports that as the dollar-starved desperation deepens, the local central bank is “discussing with banks on how to convince temple trusts to deposit their hoard of idle jewellery that could be converted into bullion.” In other words, the government is going for the sacred gold which will be sold to keep the petrodollar economy functioning for another several months. Surely, yet another “transitory” measure.
From the Times of India:
With all efforts to arrest the rupee’s slide coming to a naught, policymakers now plan to knock on the doors of temples – from Tirupati to Shirdi – seeking a boon to feed Indians’ fetish for gold without importing it.
The Reserve Bank of India, which has been making gold imports more difficult through a series of restrictions, is discussing with banks on how to convince temple trusts to deposit their hoard of idle jewellery that could be converted into bullion, said two bankers familiar with the matter.
Thanks to BrotherJohnF