MUMBAI: A tonne-and-a-half of gold, worth almost Rs 400 crore at current prices, could find its way from one of south India’s largest temple trusts to the newly launched Gold Monetisation Scheme (GMS), which aims to reduce the country’s dependence on imported gold. The metal is the third-largest imported item after crude oil and electronic goods.Tirumala Tirupati Devasthanams (TTD), which oversees arguably the world’s richest temple, Tirupati Balaji, in Andhra Pradesh, will shortly take a call on depositing 1.5 tonnes of gold stock it holds in the GMS, launched amid much fanfare by Prime Minister Narendra Modi on November 5."Our management is considering and weighing various options before taking a decision on the gold monetisation scheme," a TTD official told ET.Up until now, TTD has deposited 4.3 tonnes of gold in three public sector banks under the Gold Deposit Scheme. The scheme launched in 1999 will be replaced by GMS. But deposits outstanding in the old scheme will be allowed to continue. A majority of the 4.3 tonnes deposited by TTD is held by SBI, the official said.From his tone and tenor, it’s likely that the trust would deposit the gold for 1-3 years with a bank under GMS if its management gives the go-ahead. That’s because TTD prefers to redeem gold rather than cash at maturity, as it did under the Gold Deposit Scheme."In the gold deposit scheme, our gold is intact as periodical interest accrues in metal rather than in cash. We want to hold the gold forever," the official added.Asked whether redemption in gold would really help reduce import dependence, a bullion bank official said it would, as other trusts and entities would be open to redeeming in cash.Medium and long term deposits — for 5-7 years and 12-15 years respectively — can be redeemed only in rupees. While short-term schemes will be accepted by banks on their own account, the medium- and long-term deposits would be held on behalf of the government.The temple’s huge gold stocks have been accumulated over the years from offerings made by devotees. The jewellery has to be melted and deposited with banks in the form of bullion. The portion of gold held by TTD as a single entity is huge as it stands at 0.7% of the country’s average annual import of 800 tonnes.