Reserve Bank of India is 'just curious' about temples' gold holdings

IMG Auteur
Published : September 16th, 2013
570 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 ) , 2 commentaries
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
2
comment
Our Newsletter...
Category : Market Analysis

By T.K. Devasia
Khaleej Times, Dubai
Monday, September 16, 2013

http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/internat...

The Guruvayur Devaswom Board, which administers the famous Sri Krishna Temple at Gurvayoor in Trichur district of Kerala in India, has rejected the Reserve Bank of India's request to provide the bank with details of gold assets of the temple.

A meeting of the temple's ad-hoc managing committee, chaired by permanent member Samoothiri Manavadevanraja, took the decision unanimously, saying it was impractical to assess the gold stock correctly. Board administrator K. Muralidharan said the bank had requested the committee to provide details of gold stock in its possession as part of collecting the gold assets of places of religious worship, trusts, and other establishments in the country.

The Sri Krishna Temple is one of the richest temples in India. Sources close to the temple say the amount of the gold reserves and other valuables could be more than 600 kilograms. The temple has already deposited 500 kilograms of gold bars with the State Bank of India. The other temples have also expressed apprehension over the RBI query.


The Travancore Devaswom Board, which administers more than 1,000 temples in the southern districts of the state, will be meeting next week to consider the RBI request.

Temple authorities and various Hindu bodies came out openly against the RBI move, saying it was part of a well-planned effort to convert the gold into bullion to tide over the financial crisis faced by the government. They also expressed fear over the security risk the revelation poses to the temples.

Shantha Kumar, deputy general manager at the RBI regional office in Dubai, has termed the apprehensions being raised by various quarters baseless. He told the Khaleej Times that the RBI had no intention to convert the gold into bullion.

"We sought the details as part of a statistical exercise to gather details of the gold in the possession of all places of worship and other public bodies. We started the process with temples. We had planned to cover the places of worship of other communities, trusts, and establishment in subsequent phases," Shantha Kumar said.

Shantha Kumar said the move was prompted by the curiosity and not guided by the current economic situation marked by the slide in the Indian rupee or the rising price of gold in the international market.

Referring to the security concern expressed by certain quarters, Shantha Kumar said the RBI had guaranteed total confidentiality for the information shared with the bank. "We had promised not to share it with anyone else," he added.

* * *

Join GATA here:

Gold Investment Symposium 2013
Luna Park Conference Center, Sydney, Australia
Wednesday-Thursday, October 16-17, 2013

http://gold.symposium.net.au/

Mines and Money Australia
Melbourne Conference and Exhibition Centre
Tuesday, October 29-Friday, November 1, 2013

http://www.minesandmoney.com/

New Orleans Investment Conference
Sunday-Wednesday, November 10-13, 2013
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana

https://jeffersoncompanies.com/landing/speakers?IDPromotion=613011610080...

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16


Data and Statistics for these countries : Australia | India | All
Gold and Silver Prices for these countries : Australia | India | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
WebsiteSubscribe to his services
Comments closed
  All Favorites Best Rated  
I am Just amazed that the Government of India would even ask? What does the State have to do with Religious Organizations finances? unless the plan to Barrow, "ha ha" or take ? Hard assets of Gold and Silver and give the Temples Fiat promises that will devalue. As you can see by the devaluation over the last few Months of the Rupee. I would sell any Bonds connected with India. Looks like they are going under.
Rate :   1  0Rating :   1
EmailPermalink
"... was prompted by the curiosity ..."

India and the RBI is in debt up to their ass, nay well over their asses and they are spending time, effort and money pursuing a curiosity?
I've heard ducks fart underwater before and they all sound the same.

But then again, what need do Gods have of gold? Did they forget how to make it again?
Okay, okay. One more time, here is the recipe.

Gold
Start with a whole mess of hydrogen; 4X10E32 pounds worth is a good number
Let gravity coalesce hydrogen into a round ball for about 2X10E8 years or until light comes on.
Cook at 100,000°K surface temperature for 1X10E8 years or until light pops. Butter and salt optional.
Serves: you right for standing so close to a super-nova.

Your results might vary. Only perform this type of cooking under the direct supervision of a qualified adult. If you have any problems understanding the recipe, please consult a trained professional.
Rate :   6  1Rating :   5
EmailPermalink
Latest comment posted for this article
I am Just amazed that the Government of India would even ask? What does the State have to do with Religious Organizations finances? unless the plan to Barrow, "ha ha" or take ? Hard assets of Gold and Silver and give the Temples Fiat promises that will  Read more
sparrow - 9/17/2013 at 2:55 PM GMT
Rating :  1  0
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.