Gold Monetisation scheme started on first week of November, before Diwali hasn’t received good response from denizens. The scheme aimed to decrease the reliance of Indian economy on gold imports and to reduce the Current Account Deficit.
Now, TTD(Tirumala Tirupati Devasthanams) came to the rescue of Narendra Modi ambitious project by depositing its gold given by devotees into this scheme. Approximately, 1 tonn of gold agreed to deposit in this scheme by TTD officials. Some gold would be melted to make medallion, while some part used for making gold bricks.
Most of Indian consumers buy gold for the ornamental purpose rather than investment purpose. So, the officials making the gold coins with the emblem of Ashok Chakra to woo NRIs living in USA, UK and Canada.