India's rich temples may open gold vaults for Modi

[V.Balasubramani]

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India's rich temples may open gold vaults for Modi

Commuters get out of a taxi of Shree Siddhivinayak Ganapati Temple in Mumbai March 12, 2015.

(Reuters) - The two-century-old Shree Siddhivinayak temple in Mumbai devoted to the Hindu elephant-headed god Ganesha bristles with close circuit cameras and is guarded by 65 security officers.

It is one of India's richest temples, having amassed 158 kg of gold offerings, worth some $67 million, and its heavily guarded vaults are strictly off limits.

India is the world's biggest consumer of gold and its ancient temples have collected billions of dollars in jewellery, bars and coins over the centuries - all hidden securely in vaults, some ancient and some modern.

A few years ago a treasure of gold worth an estimated $20 billion was discovered in secret subterranean vaults in the Sree Padmanabha Swamy temple in Kerala.

Now, Prime Minister Narendra Modi wants to get his hands on this temple gold, estimated at about 3,000 tonnes, more than two thirds of the gold held in the U.S bullion depository at Fort Knox, Kentucky, to help tackle India's chronic trade imbalance.

Modi's government is planning to launch a scheme in May that would encourage temples to deposit their gold with banks in return for interest payments.

Read more at: India's rich temples may open gold vaults for Modi | Reuters

 

[tbs]

India's rich temples may open gold vaults for Modi

Commuters get out of a taxi of Shree Siddhivinayak Ganapati Temple in Mumbai March 12, 2015.

(Reuters) - The two-century-old Shree Siddhivinayak temple in Mumbai devoted to the Hindu elephant-headed god Ganesha bristles with close circuit cameras and is guarded by 65 security officers.

It is one of India's richest temples, having amassed 158 kg of gold offerings, worth some $67 million, and its heavily guarded vaults are strictly off limits.

India is the world's biggest consumer of gold and its ancient temples have collected billions of dollars in jewellery, bars and coins over the centuries - all hidden securely in vaults, some ancient and some modern.

A few years ago a treasure of gold worth an estimated $20 billion was discovered in secret subterranean vaults in the Sree Padmanabha Swamy temple in Kerala.

Now, Prime Minister Narendra Modi wants to get his hands on this temple gold, estimated at about 3,000 tonnes, more than two thirds of the gold held in the U.S bullion depository at Fort Knox, Kentucky, to help tackle India's chronic trade imbalance.

Modi's government is planning to launch a scheme in May that would encourage temples to deposit their gold with banks in return for interest payments.

Read more at: India's rich temples may open gold vaults for Modi | Reuters

hi

indian chain snachers/gold theives having more than this...lol

 

[prasad1]

If Temple property is taken, what about other religion's property?
I can understand Gold in Temple can be better utilized, but how about assuring the Value of Gold? If you take the Gold and convert it to rupees then when gold goes up the Temples loose their asset value.

 

[V.Balasubramani]

If Temple property is taken, what about other religion's property?
I can understand Gold in Temple can be better utilized, but how about assuring the Value of Gold? If you take the Gold and convert it to rupees then when gold goes up the Temples loose their asset value.

The temple is benefitted with the current value of the gold on the date of exchange.

I think in such cases, the temple has to face the consequences of escalation.

When the devotee faces joy and sorrow in accordance with his karma , then it may be the turn of temple to face profit or loss in accordance with the escalation of rate of gold in market.

It is nice to ensure that the temples don’t face loss with such deposit of gold when there is decline in rate, but we will have to consider the fact that such gold are converted into jewelry to meet the reported insatiable appetite for gold of some section of the general public and thus reduce economically-crippling gold imports of our country, which accounted for 28 percent of trade deficit in the year ending March 2013.

While the idea is nice that the gold kept idle in temples are utilized to help tackle India's current chronic trade imbalance, my point is what is the guarantee that its proper utilization and successful implementation, especially when banks are involved.

In olden days, whenever temples are built, foreseeing the expenses involved in future maintenance of such temples, the king and other rulers, philanthropists,etc used to grant liberally certain amount land and other immoveable properties for better maintenance of the temple in good faith, but in practice, with growing of time, such land and buildings are now enjoyed by individuals with vested interest, leaving the temple concerned in poor state of affair. While the individuals thrive with the temple’s property, the deity as well as the priest suffer on the other hand. There are temples which have no means even to buy minimum oil for lighting few lamps inside a temple daily. Such is the state of affair of some of temples which have vast immoveable property but faces 'Nil' return.

 

[V.Balasubramani]

hi

indian chain snachers/gold theives having more than this...lol

You are right.

But the chain snatchers/thieves can’t survive with stolen gold, so they immediately try to convert it into rupee by approaching a known ‘receiver of stolen property’. Such gold is marketed by the jewelers through their trade knack.

Government is spending lot of money on Police to prevent such crimes.

During the recent ‘63 nayanmars’ festival held at Sri Kapaleeswarar temple at Mylapore, it was reported in a tamil daily, on a one single day, 55 sovereign of gold chains were snatched from nine individuals.

These nine devotees who participated in the temple festival celebration with joy, returned home with sorrow mind.

திருடனா பார்த்து திருந்தாவிட்டால் திருட்டை ஒழிக்க முடியாது.

 

[renuka]

I dont think its right to touch the temples gold.

The gold of the temple were donations from devotees over the generations and its not fair that gold is used to bail out India of its current financial scenario which was created by corrupt politicians of the past.

The best is go after corrupt politicians and make a deal with them..that they donate their ill gotten money for the betterment of the country or face a jail sentence.

Why touch the gold of the temple to clean the mess created by politicians!

 

[V.Balasubramani]

Why touch the gold of the temple to clean the mess created by politicians!

Doctor Mam,

Politicians are also children of God. Only thing is some of them, out of personal interest, fall prey to the social evil of corruption.

Kautalya, the sagacious minister in the kingdom of Chandragupta has stated in his Arthasastra that ‘’ just as it is impossible not to taste the honey or the poison that find itself at the tip of the tongue so as it is impossible for a minister or a Government servant not to eat up at least a bit of Government revenue while he is in power.

While the Government come forward to bail out the business establishment which face closure, why not the temple come forward to bail out the country..??

Temple money is in other wards public money.

It is the public representatives who are also politicians, come out with such novel schemes.

Just my 2 cents.

 

[tbs]

You are right.

But the chain snatchers/thieves can’t survive with stolen gold, so they immediately try to convert it into rupee by approaching a known ‘receiver of stolen property’. Such gold is marketed by the jewelers through their trade knack.

Government is spending lot of money on Police to prevent such crimes.

During the recent ‘63 nayanmars’ festival held at Sri Kapaleeswarar temple at Mylapore, it was reported in a tamil daily, on a one single day, 55 sovereign of gold chains were snatched from nine individuals.

These nine devotees who participated in the temple festival celebration with joy, returned home with sorrow mind.

திருடனா பார்த்து திருந்தாவிட்டால் திருட்டை ஒழிக்க முடியாது.

hi

festival/wedding days are golden time for chain snatchers/gold theives....we have very careful on these days....

 

[V.Balasubramani]

hi

festival/wedding days are golden time for chain snatchers/gold theives....we have very careful on these days....

Despite conduct of several awareness campaign from Police side advising the general public not to wear more jewels on such celebrations which normally attract more crowd, no one is willing to heed the advice. But on the contrary, anxiously grab the opportunity to exhibit their wealth .... ultimately fall prey to the chain snatchers.. and land in Police Station with a complaint.

Some who are more shrewd enough wear covering jewels and thus cheat the chain snatchers

 

[CHANDRU1849]

You are right.

But the chain snatchers/thieves can’t survive with stolen gold, so they immediately try to convert it into rupee by approaching a known ‘receiver of stolen property’. Such gold is marketed by the jewelers through their trade knack.

Government is spending lot of money on Police to prevent such crimes.

During the recent ‘63 nayanmars’ festival held at Sri Kapaleeswarar temple at Mylapore, it was reported in a tamil daily, on a one single day, 55 sovereign of gold chains were snatched from nine individuals.

These nine devotees who participated in the temple festival celebration with joy, returned home with sorrow mind.

திருடனா பார்த்து திருந்தாவிட்டால் திருட்டை ஒழிக்க முடியாது.

The police dept. did a wonderful job by constantly alerting devotees about thieves, during the entire festival period.

Despite the alert, people were not very cautious and some devotees have lost valuables.

We are giving undue importance to gold.

 

[vgane]

I think we should not use the temple gold...I think it is a ruse to use our temples antiques, treasures and gold..We should not allow this at any cost...What our kings and patrons have protected for 1000's of years will be cleaned over night by our political masters...We all know that antique value of gold rises with passage of time..How are we going to account that...Thiruvanthapuram temple alone is supposed to have USD 40 Billion worth of treasures!

 

[talwan]

I think in Thirupathy Balaji temple Gold offerings are deposited in Bank and they get interest interms of Gold. The Gold deposited in the bank is safe and accounted and white unlike in Thiruananthapuram.
Alwan

 

[V.Balasubramani]

I think in Thirupathy Balaji temple Gold offerings are deposited in Bank and they get interest interms of Gold. The Gold deposited in the bank is safe and accounted and white unlike in Thiruananthapuram.
Alwan

Sir,

You are right.

Here is last years news report.

TIRUPATI: A whopping 1,800 kg of gold offerings made by devotees of Lord Venkateswara at the famous hill shrine at Tirumala was on Saturday deposited with the State Bank of India, taking the total deposits made by it so far with various banks to more than 5,000 kg.

Source: Balaji temple deposits 1,800kg gold offerings with SBI - The Times of India

 

[talwan]

Sir,

You are right.

Here is last years news report.

TIRUPATI: A whopping 1,800 kg of gold offerings made by devotees of Lord Venkateswara at the famous hill shrine at Tirumala was on Saturday deposited with the State Bank of India, taking the total deposits made by it so far with various banks to more than 5,000 kg.

Source: Balaji temple deposits 1,800kg gold offerings with SBI - The Times of India

Dear Balasubramani sir,,
Thanks for posting the original news.
Alwan

 

[V.Balasubramani]

[h=1]
No temple treasure for banks[/h]

The Travancore, Cochin, and Malabar Devaswoms had decided against depositing the ornaments for a nominal rate of interest in banks.
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During the Indo-Chinese aggression in the sixties, the TDB had donated gold ornaments to the government.

The 3,870-odd temples being governed by the three Devaswom boards in the State may not bequeath their treasure trove of gold ornaments in banks as envisaged by the Centre.

Devaswom sources said the Travancore, Cochin, and Malabar Devaswoms, which have about 3,890 temples under their ambit, had decided against depositing the ornaments for a nominal rate of interest in banks.
For, the ornaments with invaluable antique and intrinsic artistic value would be converted to gold bars and this would deprive future generations of their rich heritage and tradition.

The ornaments, known as ‘thiruvabharanam’, are deemed to be equally sacrosanct like the deities themselves and are taken out mostly during festival seasons to adorn the idols. Hence, using it for other purposes will not be an easy task, the sources said.

TDB stance

Travancore Devaswom Board member Subash Vasu told The Hindu that when the Reserve Bank of India sought an inventory of the gold in temples, the board had resolved not to furnish specific details and also not to use it for other purposes.

“Various community organisations too had opposed the move and, hence, we had resolved not to deposit it in banks,” he said.
The other Devaswoms too are also reported to have adopted a similar stance.

Read more at: No temple treasure for banks - The Hindu

 

[vgane]

No temple treasure for banks

The Travancore, Cochin, and Malabar Devaswoms had decided against depositing the ornaments for a nominal rate of interest in banks.
---------------------------------------------------------------------------------------------------------------------------------

During the Indo-Chinese aggression in the sixties, the TDB had donated gold ornaments to the government.

The 3,870-odd temples being governed by the three Devaswom boards in the State may not bequeath their treasure trove of gold ornaments in banks as envisaged by the Centre.

Devaswom sources said the Travancore, Cochin, and Malabar Devaswoms, which have about 3,890 temples under their ambit, had decided against depositing the ornaments for a nominal rate of interest in banks.
For, the ornaments with invaluable antique and intrinsic artistic value would be converted to gold bars and this would deprive future generations of their rich heritage and tradition.

The ornaments, known as ‘thiruvabharanam’, are deemed to be equally sacrosanct like the deities themselves and are taken out mostly during festival seasons to adorn the idols. Hence, using it for other purposes will not be an easy task, the sources said.

TDB stance

Travancore Devaswom Board member Subash Vasu told The Hindu that when the Reserve Bank of India sought an inventory of the gold in temples, the board had resolved not to furnish specific details and also not to use it for other purposes.

“Various community organisations too had opposed the move and, hence, we had resolved not to deposit it in banks,” he said.
The other Devaswoms too are also reported to have adopted a similar stance.

Read more at: No temple treasure for banks - The Hindu

Above resonates with my post # 11...Also moment the devotees come to know that whatever gold that is being given as offering is going to Government coffers, the gold contribution will whittle down!