Can Temple Gold Help the Rupee?

[PoKeMon]

Can anyone tell me how depositing jewellery with the bank can possibly deter jewellers from importing gold? Gold bars can be sold and then returned to the depositor but you can't sell jewellery and then later return the same to depositors.

Actually the RBI need to keep some amount of gold and if people can help them to reach that amount with their jewelleries, RBI can go ahead to sell out its own gold in form of bricks.

Now dont say what if everyone withdraw their gold at same time.

 

[peaceful]

the best way to stablize the economy is too build a strong one. indians need to thing about ONE single question: why the nation is losing in every aspect?

The first step can be simple - click the image below to see the huge gap between we two nations:

our city
http://img208.imageshack.us/img208/8784/5rra.jpg

our railway station
http://imageshack.us/a/img4/5048/35s0.jpg

 

[BLING]

Tones of Indian Rupee stashed away from India . First bring it all in , Lots of money with politicians . Even a Councelor has property worth 10+ Cr in five year term . Think about loot my his leaders , MLA, CM and their relatives . you do the math these babus and netas from all States of India . India should had been a super power by now !

 

[curioususer]

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?

It is actually in trillions.

 

[eastwatch]

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?

Well, it is easy to blame persons like Sonia or MMS for the saving accounts in the Swiss Banks, but, it is the Indian bureaucrats who have been stacking dollars since 1947 they have sucked from the country's poor. I wonder if there has been any inquiry about this money earned through corruption by the very high officials.

 

[livingdead]

It is actually in trillions.

what do you base your calculation on... ?

 

[Anubis]

Why would you take gold from the temples??It is their property and they can do whatever they want to with it!

 

[curioususer]

what do you base your calculation on... ?

I can't remember the source, maybe baba Ramdev.

 

[livingdead]

I can't remember the source, maybe baba Ramdev.

lolz ... feku baba

 

[Tshering22]

Well, it is easy to blame persons like Sonia or MMS for the saving accounts in the Swiss Banks, but, it is the Indian bureaucrats who have been stacking dollars since 1947 they have sucked from the country's poor. I wonder if there has been any inquiry about this money earned through corruption by the very high officials.

There was a report stating an estimated wealth of $ 19 billion in her name abroad. What makes you think that the wife of a former PM of a ruling dynasty of a democratic country (sounds weird I know) can earn $19 billion?

I agree these two are not the only ones stealing money but it starts with them considering that they have patronized some of the largest scams ever done in the history of our country. So naturally the buck starts with them.

 

[my2cents]

Can anyone tell me how depositing jewellery with the bank can possibly deter jewellers from importing gold? Gold bars can be sold and then returned to the depositor but you can't sell jewellery and then later return the same to depositors.

I was thinking in the same line too. Maybe they are talking about bars and coins.

But the idea is a good one. if you buy gold, your money is not circulating in the economy. But if you deposit the bars and coins in the bank and use the money borrowed then it can stimulate the economy. Even if we use 10 percent of our gold in this way then we can easily come out of this crises.

 

[Skallagrim]

I was thinking in the same line too. Maybe they are talking about bars and coins.

But the idea is a good one. if you buy gold, your money is not circulating in the economy. But if you deposit the bars and coins in the bank and use the money borrowed then it can stimulate the economy. Even if we use 10 percent of our gold in this way then we can easily come out of this crises.

What RBI is trying is to save dollars, one way to achieve this goal is by cutting unnecessary imports. As govt is losing a lot of foreign currency by importing gold a workable idea is to supply the jewellers with gold from its reserve. Since the gold in reserve is not sufficient for the internal gold market demand govt is borrowing gold from citizens. The link below says even if you deposit your jewelry with the bank what is returnable is not your jewelry but equal amount of gold and additionally you get 1% interest on your deposit.

SBI Gold Deposit Scheme: Get Regular Income From Your Gold

 

[Skallagrim]

Gold is India's second biggest import after oil and apparently India imports more than $7 billion worth of gold each month. So the idea of borrowing temple gold looks perfectly good to save its currency reseve.

 

[SarthakGanguly]

There is also a proposal to melt the Gold of the Wakf board in exchange for bonds. In my opinion all these property should not be nationalized.

Gold is India's second biggest import after oil and apparently India imports more than $7 billion worth of gold each month. So the idea of borrowing temple gold looks perfectly good to save its currency reseve.

 

[Skallagrim]

There is also a proposal to melt the Gold of the Wakf board in exchange for bonds. In my opinion all these property should not be nationalized.

Lol..if India suffers not only its Hindus would suffer but also its Muslims, Christians and adherents to other religions would suffer. So what is applicable to Hindu temples should be applicable to other places of worship too.