GOI after temple gold now?

Discussion in 'Politics & Society' started by parijataka, Aug 26, 2013.

  1. parijataka

    parijataka Senior Member Senior Member

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    Reading on Internet suggestions by eminent persons that GOI should make use of gold stored in Hindu temples.

    How about getting back the black money stashed away by corrupt politicians abroad , that should be a tidy sum !

    Can Temple Gold Help The Rupee?

    At a time when nothing seems to be able to stem the Indian rupee’s decline, a novel idea to boost the currency is doing the rounds: use the tons of gold stashed away in people’s homes and in temples.

    The rupee sank to an all-time low of 65.56 for one U.S. dollar on Thursday (before recovering slightly Friday,) partly on fears that India will find it tough to finance its wide current-account deficit; the gap reflects the fact that India imports more than its exports.

    To lower the deficit, the Indian government has announced several steps in recent weeks to reduce its imports, such as raising the import duties on gold.

    But market experts aren’t so sure that high prices will deter India’s gold buyers, so some people have come up with an alternate solution: recycle the gold already in India.

    India currently holds around 20,000 tons of gold, according to the World Gold Council. At current prices, that would be worth $950 billion.

    A small piece of this gold – around 558 tons or 2.79% – is held by the Reserve Bank of India, making it the 11th largest official owner of gold in the world, according to data from the World Gold Council and International Monetary Fund.

    The rest is held by households and individuals, in their homes or bank vaults, and by Indian temples, which have historically received gold bars, coins and even jewelry as donations from patrons.

    There is no firm estimate of how much gold is held by Indian temples, but it is believed to be several thousand tons. In Sri Padmanabhaswamy temple in Kerala, where a large and intact hoard of temple treasure was discovered in 2011, there is estimated to be gold and jewelry valued at one trillion rupees (US$16billion.)

    Jamal Mecklai, founder of Mumbai-based currency consulting firm Mecklai Financial, suggested that the Indian government should make use of some of this temple gold.

    In a commentary published last week, Mr. Mecklai said the government should ask the Tirupati Trust Foundation, linked to the eponymous south Indian temple, to deposit its gold stock with India’s state-run banks.

    Mr. Mecklai said the banks could pay the Tirupati Trust an interest for its gold, and then sell a large portion of the stock in the domestic market – thus ultimately, reducing the need to import. Mr. Mecklai estimated that the Tirupati Trust holds about 1,700 tons of gold, which would be worth around $81 billion.

    On similar lines, an association of jewelers is suggesting that the government encourage individuals to deposit their gold jewelry with banks.

    “If we will be able to bring out only 10% of the gold holdings, we don’t need to import any gold for the next two years,” Haresh Soni, chairman of the Mumbai-based All India Gems & Jewellery Trade Federation told India Real Time. Mr. Soni said he has submitted a plan to this effect to the government and some banks.

    Indian banks already offer a so-called gold deposit scheme, in which they accept gold bars and jewelry from individuals and pay interest on it. But at the moment, banks require a minimum deposit of 500 grams of gold. Experts say this is too much to ask, since many individuals may want to deposit smaller quantities, say 100 to 200 grams.

    Mr. Soni suggests that banks lower their minimum deposit required.

    In another suggestion, London Bullion Market Association Chairman David Gornall told The Hindu Business Line newspaper that the Reserve Bank of India could swap the 200 tons of gold that it had bought from the International Monetary fund in 2009, for dollars. This will boost dollar inflows at a time, when foreign investors are taking out the greenback from the country.
     
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  3. drkrn

    drkrn Senior Member Senior Member

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    why temples??its their property

    govt should not indulge in activities that hurt religious feelings of people
     
  4. dealwithit

    dealwithit Regular Member

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    Hindu's are not minorities as GOI alias UPA is not considered about They think..
    Why can't GOI stop hawala ..(lot black money will stay if stopped) Because it effects minorities.. They will do anything to please minorities..
     
  5. Star Wars

    Star Wars Regular Member

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    Nothing unexpected...these congressi scum will go to any extent....
     
  6. parijataka

    parijataka Senior Member Senior Member

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    Anand Sharma suggests to monetise private gold now ....???

    Use gold reserves to revive the economy, suggests Anand Sharma

    New Delhi: As the gold prices touch a record high of Rs 34,500 per 10 gram with a biggest ever single day surge of Rs 2,500 in opening trade in bullion market on Wednesday, Commerce and Industry Minister Anand Sharma said that monetising some part of gold reserves at today's value will take care of the Current Account Deficit (CAD).

    "We are a country with over 31,000 tonnes of declared gold above the ground gold, and that only is the declared part, so even if 500 tonnes is monetised at today's value it takes care of your CAD," Sharma said.

    Sharma claimed that the Indians have an insatiable appetite for gold. However he said that the Banking Secretary, other bankers, and the Reserve Bank of India will take a decision on how to control the value of gold. "It is for the Banking Secretary, other bankers, and the RBI to see how gold can be monetised. But that is a decision which is beyond me," he said.

    Suggesting measures to monetise gold, Sharma said that it is not for him to take a decision on the issue. "The decision is beyond me. I am just pointing in the direction, that look this is something we can do there. I think we can," he said.
     
  7. natarajan

    natarajan Senior Member Senior Member

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    what about waqf properties worth of 1.5 lakh crores ?
    Is this question makes me communal
     
  8. W.G.Ewald

    W.G.Ewald Defence Professionals/ DFI member of 2 Defence Professionals

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    Eyeing God's gold in India - Features - Al Jazeera English

    [​IMG]In 2011, gold worth about $20 bn was discovered inside Sree Padmanabhaswamy Temple in Kerala [File: AP]
     
  9. nirranj

    nirranj Regular Member

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    This willbe the worrst blunder committed by any Govt in post Independence era. This will push the Common Man to revolt as the money in the Temples belongs to him and it is those hard saved money the people bring to the temples for common good.


    I suspect a last ditch move by the ruling party too steal more in their last days.
     
  10. SajeevJino

    SajeevJino Long walk Elite Member

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    126 Rafale Jets are Buried under the Temple ..

    what is the use of the Gold If not Help our Nation
     
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  11. kseeker

    kseeker Retired

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    Of course you are communal ! If you are a non-muslim, you are not supposed to talk about Muslims and their atrocities.

    You bloody Kafir, how dare you ? :sarc:
     
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  12. Coalmine

    Coalmine Regular Member

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    India is a secular country. muslims and christians must contribute in equal measure to save the economy.
     
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  13. A chauhan

    A chauhan "अहिंसा परमो धर्मः धर्म हिंसा तथैव च: l" Senior Member

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    No religious money should be used for a secular state, govt can 'borrow' money/gold from Hindu temples though. This must be opposed by Hindu organisations.
     
  14. drkrn

    drkrn Senior Member Senior Member

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    do you have money in your pockets.then go help the country.

    you cant simply seize the money which is legitly others.even for a good cause
     
  15. SajeevJino

    SajeevJino Long walk Elite Member

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    Who's Money was Burried under the Temple ..does any God's Created and Gifted to the Temple or directly came from the Sky
     
  16. Vishwarupa

    Vishwarupa Senior Member Senior Member

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    Why are you quoting only about the gold that is buried below temple. Why dont you talk about church & mosques monies also. Churches in Bangalore are as big as coffee estates(average 4-5 acres & there are many) & all of them are in CBD's why dont you say government to confiscate these lands (as it is not proportional to christian population) & help the nation. Why are you selective?

    Government should not be selective.
     
    Last edited: Oct 23, 2013
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  17. Vishwarupa

    Vishwarupa Senior Member Senior Member

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    these monies were contributed by hindus to these temple & it has to be utilized for temple only or to be used for upliftment of hindus & not for these ----ing spineless government & politicians ( All parties including BSP,SP, BJP etc) who have screwed India for 66 years & brought our country to this level . It has come to such a level that they are asking money from one religion followers & their temple.

    If the government does not have money to over come this economic problem let them stop hawala transaction, bring looted black money back to India & put extra tax on every Indian( all religion & sects). We are ready to pay for the sake of the country but will not allow this looting.
     
    Last edited: Oct 23, 2013
  18. Vishwarupa

    Vishwarupa Senior Member Senior Member

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    This looting is combination effort from Madam Gandhi & her close adviser Ahmed Patel.
     
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