Can Temple Gold Help the Rupee?

[Iggy]

Why dont RBI ask those politicians money to be bought back?.. We can have plenty of money to get out of this situation...

 

[Chinese-Dragon]

Why dont RBI ask those politicians money to be bought back?.. We can have plenty of money to get out of this situation...

That is stolen black money.

If they return it, everyone will know they stole it in the first place. Not to mention they would lose that money.

There is no way corrupt officials will return stolen money of their own free will. Just lock them up to deter anyone else from trying it.

 

[SarthakGanguly]

Instead of doing silly picnics in the North East please send some executives to Swiss banks and uncover these politicians(bcoz China has got the muscle). Indians will again fall in love with the Chinese nation and people.

That is stolen black money.

If they return it, everyone will know they stole it in the first place. Not to mention they would lose that money.

There is no way corrupt officials will return stolen money of their own free will. Just lock them up to deter anyone else from trying it.

 

[Sergi]

The Indian government seems to be forgetting (or more likely ignoring) a basic economic principle.

If people are losing trust in currency, they will go for Gold instead. This is a global phenomenon and happens in every country.

So there is an easy way for the Indian government to reduce Gold imports. Stop failing with their currency policy.

If they keep failing in their currency policy then they are basically forcing people to buy Gold instead. They are the ones responsible for the recent surge in Gold imports.

The gold government buy doesn't go to market. It is one of the safest investments of surplus govt money. Did you forget GOI and GOVT. of China was the biggest buyers of the gold sold by world bank in 2010/11 ???

All countries are doing that specially asian. Amy be we all one day link our currencies to gold and NOT to USD.

Or they could just deposit the Gold in a bank, which would allow the banking system to give out more loans to small and medium businesses, and/or invest it in the stock market and provide additional capital to existing businesses.

There are probably a huge number of businesses that deserve a loan or an investment, but haven't been able to get one. These companies can provide a lot of extra productivity to the economy if they only had a bit of capital.

Cant be done. That gold is useless until bank is allowed to sell it. As it is ancient property it will be kept safe.
If they auction that gold it will give multiple times of its market value. But again that will drain out money form market stopping capital building

 

[Chinese-Dragon]

Instead of doing silly picnics in the North East please send some executives to Swiss banks and uncover these politicians(bcoz China has got the muscle). Indians will again fall in love with the Chinese nation and people.

We have probably lost as much (or more) money to corrupt officials than India has.

The only thing we can do is lock them up for the rest of their lives.

Suspended death sentences (like the one our former Railways Minister got just recently) don't actually end up in execution. But he'll be in prison for the rest of his life.

 

[SarthakGanguly]

We have probably lost as much (or more) money to corrupt officials than India has.

The only thing we can do is lock them up for the rest of their lives.

Suspended death sentences (like the one our former Railways Minister got just recently) don't actually end up in execution. But he'll be in prison for the rest of his life.

That is good enough as far as I am concerned

 

[Sergi]

Here you go:

Reserve requirement - Wikipedia, the free encyclopedia

Banks can lend money and invest money based on how much they have in reserve and how much customers have deposited with them. It's like a safety net.

So if customers deposit more money with them, they can loan out more money, and they can invest more money.

China for example has a very high reserve ratio of 20% (the Government is playing it very safe in order to avoid a banking crisis). India has a reserve ratio of 4%, it's in the link I provided.

And here is a quote from the link, on how governments can change the reserve ratio to increase/decrease the amount of bank loans:

India abandoned "proportional reserver system" decades ago. Now its minimus reserve system which consists of forgine govt bonds and a small amount of gold to the total value of issued currency.

Right now RBI has the tools like SLR nad CRR to control this down fall but that might kill the growth and start recession. Thats why only moderate measures are being taken to help currency back to the mark and at same time not stopping the growth.

 

[Agnostic_Indian]

Whether it is or not, it is the assets of the temple which is voluntarily given. Similar to what donations we make to our monasteries. We won't want the corrupt regime to take it. Whatever it is, the gold is given by that community for a very strong sentiment and therefore the government, especially this government, has no right to take it.

How about forcing Sonia and her 5 puppets to get back all the black money billions they have stashed away in Switzerland? Why not press them and force them to get it through public outrage and other means?

As an Indian it is our right as people of all communities and all states have paid that tax money and therefore it has to be returned to the public in the form of services, benefits, job creations etc.

What right do these fcking politicians have on that money?

I asked something else and as usual your reply is same like all your posts, can't you just keep your anti congress, anti soniya,anti politician, ideology in relevant questions..?

I asked a simple question,

isn't that gold and ornaments a dead asset ? it's with the temple and it's their right, govt has no authority over it, fine, but that gold is not even benefiting the temple also, don't you think the temple should make use of it's dead assets in by cashing it and then utilize that money to the benefit of their own people by building charity org, educational institutes, or what ever they feel is good for them and community, that way along with them nation also will get it's benefit indirectly..what's the use of sitting under a mountain of gold and doing nothing..if they utilized their assets I am sure they could start branches of their respective org all over India in good numbers.

 

[naveen mishra]

Indian’s Really Love Gold
We couldn’t resist providing a brief pictorial montage to add a cultural dimension to India’s gold demand story.

Indian women get married adorned in gold. In part, it is a superficial display of social status for sure, but far more importantly it provides the bride with financial strength, standing and insurance in her new family. This is so important that parents will save gold for a lifetime to provide their daughter with a suitable and respectable dowry.

And while we’re on the topic, Indian women are more than a little attractive in their gold!

Not to be outdone by the brides, Indian elephants really love gold to. There are images of them sporting these elaborate headdresses going back to antiquity. Although, how they earn the money for this sort of extravagance is beyond us.

Indians are also really lavish when it comes to their temples and gold, and it shows. It is estimated that India has a colossal 30,000 to 35,000 metric tonnes of gold in private hands. It’s a wonder the streets aren’t paved in gold.

As an example of the wealth that can be associated with some of the more ancient and important temples throughout the country, a massive medieval treasure trove was uncovered in 2011 at one such temple in Kerala state, with an impossibly long name, so we won’t attempt it. The temple was built centuries ago.

There were 7 vaults in all with value estimates for the treasure ranging between US$12B and US$22B. Among the items uncovered, the search team mentioned a 4 foot statue encrusted with emeralds, Napoleonic era coins, 15-foot long gold necklaces and jewel encrusted crowns. It was genuine Indiana Jones type stuff.
The Significance of Cultural Affinity
This love affair with gold can be traced back millennia and gold is deeply ingrained in Indian thought and culture; in spiritually symbolic and practical ways.

As such, it has both profound meaning philosophically and is an important store of generational wealth. Traditionally, a family’s gold will only be sold as an absolute last resort and/or in dire emergency, if then.

It is probably not a stretch to say that after such a long intimate history with the yellow metal, Indian culture and gold are inseparable. This is particularly true in rural areas where traditions die hard and where roughly 70% of the Indian population resides.

This is of course an oversimplified sketch of gold’s role in Indian life. Nevertheless, we thought it important to convey to western audiences a more accurate sense of the cultural force that is Indian gold demand.

This is important because Asian demand in general and Indian demand in particular, must not be confused with the superficial understanding and fickle gold demand displayed by western investors.

We’re referring to those of us who have an online brokerage account, and who can and do trade in and out of gold ETF’s regularly based on the latest taper talk, jobs report, EU bank bailout crisis, or Middle East war rumors.

We often marvel at how the financial media will explain gold price movements based on these types of events while completely ignoring fundamental supply and demand fundamentals, like gargantuan and surging Chinese and Indian gold demand.

 

[Iggy]

That is stolen black money.

If they return it, everyone will know they stole it in the first place. Not to mention they would lose that money.

There is no way corrupt officials will return stolen money of their own free will. Just lock them up to deter anyone else from trying it.

Mate, that was sarcasm Everybody here know its not going to happen.. I am sorry to put you in this awkward situation..

 

[Marxist]

I asked something else and as usual your reply is same like all your posts, can't you just keep your anti congress, anti soniya,anti politician, ideology in relevant questions..?

I asked a simple question,

isn't that gold and ornaments a dead asset ? it's with the temple and it's their right, govt has no authority over it, fine, but that gold is not even benefiting the temple also, don't you think the temple should make use of it's dead assets in by cashing it and then utilize that money to the benefit of their own people by building charity org, educational institutes, or what ever they feel is good for them and community, that way along with them nation also will get it's benefit indirectly..what's the use of sitting under a mountain of gold and doing nothing..if they utilized their assets I am sure they could start branches of their respective org all over India in good numbers.

There are limitations for Hindu Temples to utilize the gold of its own, its because of laws like Hindu Religious and Charitable Endowments Act ...

 

[Echo_419]

That is stolen black money.

If they return it, everyone will know they stole it in the first place. Not to mention they would lose that money.

There is no way corrupt officials will return stolen money of their own free will. Just lock them up to deter anyone else from trying it.

If the PLAAF can please bomb the congress party HQ in all of the states & Kill all of these suckers
The whole of Indian Nation will march behind china

 

[he-man]

here ......

 

[PoKeMon]

you need atheist prime minister imran khan i will take all of the wealth from them .

The problem is you will "only" take.

 

[BLING]

Yeah Good for politicians to LOOT it too ! I really wonder wwhy no one asking for isamic and church's wealth to be used to Indian public . Its because they kick the butt of who ever questions their religion