World's richest Hindu temple wants gold rather than cash under scheme
The world's richest Hindu temple is asking to be repaid in gold for longer-term deposits it makes under the Indian government's monetization scheme in order to make the plan more attractive to the temples that are sitting on thousands of tonnes of the metal.
The Sri Venkateswara Swamy Temple, popularly known as the Tirupati, has requested repayment of their deposits of longer than three years under the Gold Monetisation Scheme in the metal rather than cash, D. Sambasiva Rao, the executive director of the temple operator Tirumala Tirupati Devasthanam (TTD) told Reuters on Wednesday.
TTD's participation in the gold scheme is crucial to its success since the temple in the Southern Andhra Pradesh state holds 7 tonnes of the metal, equivalent to about $277 million at current prices. However, Tirupati and other temples around India are reluctant to part with the gold forever because of its religious and emotional significance.
"We wrote to the government to change certain conditions in the scheme and offer principal and interest in the form of gold for medium-term and long-term deposits," Rao said, referring to deposits for between five and 15 years.
"The changes will make the scheme attractive for all the temples in the country," he said.
India is the world's second-biggest consumer of gold after China and imports accounted for about a quarter of India's trade deficit in the year ending March 2015.
Prime Minister Narendra Modi last year launched the Gold Monetisation Scheme to mobilize gold stashed with individuals, institutions and rich temples for recycling and to reduce imports. The scheme has garnered about 3 tonnes of gold in four months out of a national hoard of over 20,000 tonnes.
Seeking divine blessings, devotees have offered billions of dollars worth of jewelry, bars and coins to temples over the centuries.
TTD last month deposited 1.3 tonnes of gold with state-run Punjab National Bank at a rate of 1.75 percent for three years, Rao said, as some of its deposits under previous monetization schemes have matured.
The temple will deposit another 1.4 tonnes in a fortnight at 1.25 percent with Indian Overseas Bank as most of the gold is raw and the bank will spend to refine it, he added.
The 200-year-old Shree Siddhivinayak Ganapati Temple in Mumbai said it will deposit 44 kg of gold with a bank by the end of the month for recycling, choosing a short-term plan rather than a longer scheme that does not pay back in gold, said Narendra Murari Rane, chairman of the trust for the temple.
"We want returns in gold because if the prices of gold go higher than the monetary benefit that we will get, then devotees will blame us for depositing the gold at a cheaper rate," Rane said in his local language.
Actionable trading levels delivered LIVE to YOUR charts
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
looking for your first broker or do you need of a new one? There are
more critical things to consider than you might have thought.
We were trading long before there were online brokers. Global-View
has been directly involved with the industry since its infancy. We've
seen everything and are up-to-data with recent regulatory changes.
The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.