Wealthy Hindu temples such as this one are repositories for much of the $1 trillion US worth of privately held gold in India — about 22,000 tons, according to an estimate from the World Gold Council.

But little of it is contributing to the Indian economy, and now Prime Minister Narendra Modi’s government is looking to monetize India’s vast hidden wealth. In coming weeks, the government plans to begin a program that will allow temples to deposit their gold into banks to earn interest and circulate in the economy, rather than sit idle in musty vaults. The gold, officials said, would be melted down and sold to jewellers.