Gold for Gold! It will be a better way to attract depositors!!
[h=1]Tirupati temple wants their deposit under monetization scheme in gold[/h] [h=6]March 23, 2016[/h] By Sreekanth A. Nair
Tirupati temple of Andhra Pradesh, the richest Hindu Temple of the world, has requested the Indian government to repay its deposit with gold rather than cash, under the gold monetization program.
The temple claimed that the move is to make the scheme more attractive so that temples having huge quantities of gold will come forward to invest in the scheme, reported Reuters.
Sambasiva Rao, the executive director of the Tirumala Tirupati Devasthanam (TTD) that manages the temple, told Reuters on Wednesday that they have requested the government to repay their deposit of longer than three years in gold itself.
“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 told Reuters. “The changes will make the scheme attractive for all the temples in the country,” he added.
Total gold assets of the temple are around seven tons, which is equal to $277 million at current prices. So the participation of the temple in the scheme is important for its success.
The gold monetization scheme introduced by Prime Minister Narendra Modi last year allows the investor to earn some regular interest on the gold and also saves carrying cost.
Under the scheme, gold can be deposited in any physical form – jewelry, coins or bars. This gold will then earn interest based on gold weight and also the appreciation of the metal value. Investors get back the gold in the equivalent of 995 fineness gold or Indian rupees as they desire.
About three tons of gold have been invested under the scheme since its introduction. The country has a stock of around 20000 tons of gold.
India is the second biggest gold consumer in the world after China. Last month, the temple deposited 1.3 tons of gold with state-run Punjab National Bank at a rate of 1.75% for three years and they are planning to deposit another 1.4 tons in a fortnight at 1.25 percent with Indian Overseas Bank.
Shree Siddhivinayak Ganapati Temple in Mumbai is also planning to deposit 44 kg of gold by the end of March.
https://www.americanbazaaronline.co...on-scheme-in-gold408529/#.V-xMjJx32yw.twitter
[h=1]Tirupati temple wants their deposit under monetization scheme in gold[/h] [h=6]March 23, 2016[/h] By Sreekanth A. Nair
Tirupati temple of Andhra Pradesh, the richest Hindu Temple of the world, has requested the Indian government to repay its deposit with gold rather than cash, under the gold monetization program.
The temple claimed that the move is to make the scheme more attractive so that temples having huge quantities of gold will come forward to invest in the scheme, reported Reuters.
Sambasiva Rao, the executive director of the Tirumala Tirupati Devasthanam (TTD) that manages the temple, told Reuters on Wednesday that they have requested the government to repay their deposit of longer than three years in gold itself.
“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 told Reuters. “The changes will make the scheme attractive for all the temples in the country,” he added.
Total gold assets of the temple are around seven tons, which is equal to $277 million at current prices. So the participation of the temple in the scheme is important for its success.
The gold monetization scheme introduced by Prime Minister Narendra Modi last year allows the investor to earn some regular interest on the gold and also saves carrying cost.
Under the scheme, gold can be deposited in any physical form – jewelry, coins or bars. This gold will then earn interest based on gold weight and also the appreciation of the metal value. Investors get back the gold in the equivalent of 995 fineness gold or Indian rupees as they desire.
About three tons of gold have been invested under the scheme since its introduction. The country has a stock of around 20000 tons of gold.
India is the second biggest gold consumer in the world after China. Last month, the temple deposited 1.3 tons of gold with state-run Punjab National Bank at a rate of 1.75% for three years and they are planning to deposit another 1.4 tons in a fortnight at 1.25 percent with Indian Overseas Bank.
Shree Siddhivinayak Ganapati Temple in Mumbai is also planning to deposit 44 kg of gold by the end of March.
https://www.americanbazaaronline.co...on-scheme-in-gold408529/#.V-xMjJx32yw.twitter
