India targets gold hoards and temple treasures in trade deficit battle

May 27, 2016

India aims to recycle 20,000 tons of privately-owned gold in a monetization scheme to reduce record bullion imports and trade deficit. India overtook China this year as the world’s biggest consumer of gold.

The Indian government woos a staggering US$ 778 billion of gold with individuals, ancient temples and trusts, to tackle the current account deficit (CAD) – the gap between export and import revenues.

Clash Of Clans HackRobuxed Roblox HackNo Human Verification Roblox HackCocgemsgiveaways Com HackSuper Mario Run HackIskid Org Robux HackRobloxgiveaway Xyz Cheat Hack8ballpool ppf info Hack8ballpoolhack Us Hackvaingiveaways Top Vainglory HackIskid Org Robux Hack“My Cafe Recipes Stories HackPanda Pop HackMobile Legends HackKritika HackFree Streaming Movie Online 2017

Imported gold contributed 28% of CAD for financial year ending March 2013. India’s expected deficit of $20.6 billion for 2015-16 favorably compares with $28 billion (1.4 % of GDP) in 2014-2015. But with fluctuating global prices, the Modi government intends to more significantly cut trade deficit, and rein in inflation.

If all goes merry and bright with the new Gold Monetization Scheme, deposited gold will be stored as ingots, then minted as gold coins, sold to earn foreign exchange, and loaned to jewelry merchants as in Mumbai’s Zaveri Bazaar.

Zaveri Bazaar’s Sheikh Memon Street in the dusk of a December evening seemed like other crowded lanes in the Crawford Market shopping area, except its shops own a few hundred millions dollars of gold.

Lalit Jain and Ashish Mehta do business near one such jeweler declaring intention to ‘buy old gold, diamonds, silver and pearls’. From the ground floor of the Bank of India Bullion Exchange Branch building, Jain’s Mahavir Hallmarking Centre has its striking white décor cleanly appropriate to its role in this gilded road: certifying purity of gold.

Mahavir Hallmarking made history this November serving the first three customers in India who signed up for the gold monetization scheme. These Gold Savings Account holders earn a tax-free interest, while the melted gold gets recycled back to the jewelry industry. Depositors can choose between getting back their gold quantity or its cash value at the end of fixed deposit terms.

“The GMS (Gold Monetization Scheme) is a good idea and can reduce the current account deficit”, Lalit Jain told Asia Times, with insider view as vice president of the Indian Association of Hallmarking Centres. “But banks have to play key role in spreading awareness, and the scheme needs to address some issues.”

One such issue is over 95% of gold in India being bought with cash, says Jain. Gold depositors then might have the taxman showing keen interest in source of that gold – something bashful black money holders would rather avoid.

The Indian government may mull over a mild tax amnesty to gold depositors. Or, more radically, ban all cash purchases in gold. That could interestingly impact India’s ravenous appetite for the noble metal. Gold imports hit a record high of 1,000 tons worth US$36 billion in 2015.

India’s official gold reserves are 557.7 tons in December 2015, according to latest World Gold Council statistics, compared with the 20,000 tons of privately owned gold.

20,000 tons is a stupendous quantity, considering that less than 175,000 tons of gold have been mined since the start of civilization – with over 90% of it after January 24, 1848, when a New Jersey sawmill operator James Marshall struck something valuable at Coloma, on the South Fork American River, and started the California Gold Rush.

The world’s oceans are said to contain 15,000 tons of gold; the entire US official gold holdings are 8,133 tons, with 4,600 tons of it in Fort Knox. Over 20,000 tons of India’s sleeping gold can change the dynamics of the world’s bullion market.

“Of India’s 20,000 to 22,000 tons of gold in private ownership, temples may have about 1,000 tons,” Lalit Jain and Ashish Mehta said. Vast quantities of gold are in small holdings across the country.

Well-known ancient temples cumulatively receive hundreds of tons gold that devotees donate every year. It is a tradition of renunciation stretching across millennia.

The 1700-year old Tirupati Balaji Temple in southern India has an estimated 200 tons of gold. The temple trustees have committed 1.5 tons of it for the Gold Monetization Scheme.

“Our gold is intact as periodical interest accrues in metal rather than in cash, and we still hold (own) the gold,” a temple official told the Economic Times.

The temple uses donations of gold and cash for public services like education. The gods have no practical use for gold from humans, but they need such shared merits earned from serving fellow beings.

Mumbai’s 200-year old Siddhivinayak temple plans to deposit 40 kg of its 160 kg of gold under the new Gold Monetization Scheme, and use the INR 6.9 million (US$ 102,697) in annual interest to fund medical aid for economically weaker people.

On December 13, Shirdi town’s Saibaba Temple committed 200 kg of its 380 kg gold holdings to the GMS. The annual interest of about US$ 500,000 will fund two free hospitals that the temple trust runs to serve 35,000 people a year.

More gold treasures may be awaiting discovery. In 2011, a US $22 billion trove of gold, diamonds, precious stones and artifacts was found in the 9th century Padmanabha Swamy temple in express vpn Thiruvananthapuram in south India. This, the world’s single-largest treasure trove, was in five vaults opened after 130 years. The government wants such gold idling for centuries back in the economy.

India’s other plans include a gold exchange such as in China and Turkey, the world’s other great guzzlers of gold with monetization schemes.

Turkey’s successful gold recycling pulled in 240 tons worth US$ 10.4 billion in 2013, said a World Gold Council report. At the Grand Bazaar in Istanbul, the jewelry shops beyond the Light of Ottomans Gate feed a Turkish lust for gold similar to India. Turkey allows withdrawing 1-1.5g of 24ct hallmarked gold through Kuveyt Türk Bank’s 500 gold ATMs.

Over seven million Chinese and overseas traders, 8,000 corporate clients have traded through the Shanghai Gold Exchange since it opened in October 30, 2002.

Gold exchanges ensure more transparency and fair prices, but India’s immediate exchange plan is for people and trustees exchanging their stored gold for interest from term deposits, and to recycle the gold.

By committing nearly two tons of gold this December, three of India’s well-known temples have gifted a $62 million starting boost to the scheme that enables keeping the gold cake while enjoying the interest – and giving the economy a healing trade deficit cut.

Source:

cipro dosage lexapro and weight gain lexapro side effects men generic cialis lexapro 10 mg cialis canada cialis coupons cialis coupon 20 mg viagra ohne rezept auf rechnung what is cipro liquid cialis cialis patent expiration date extended what does finasteride do post finasteride syndrome natural viagra buy generic levitra viagra effects lexapro dosing cialis side effects azithromycin for pneumonia ciprofloxacin hydrochloride what is lexapro lexapro generic name cialis 20mg lexapro bula acyclovir 400mg cialis savings card acyclovir for cold sores cialis copay card azithromycin dosage revatio vs viagra cialis 5 mg escitalopram what is lexapro for cipro cialis 20 mg levitra online azithromycin class ciprofloxacin 250 mg azithromycin 500 cialis 5mg viagra pills best price viagra cialis from canada propecia online viagra cialis coupon acyclovir vs valacyclovir cyalis herbal viagra lexapro weight gain azithromycin cost what is escitalopram azithromycin 250mg tablets 6 pack ciprofloxacin side effects after age 60 order viagra cialis alternative cialis generic viagra alternative how does lexapro work canada viagra side effects lexapro zithromax antibiotic viagra for sale uk finasteride dosage viagra 100 mg acyclovir dose acyclovir 400 mg acyclovir ointment discount cialis what does ciprofloxacin treat azithromycin 250mg effects of stopping finasteride propecia side effects lexapro withdrawal symptoms viagra generico azithromycin vs erythromycin acyclovir dosage for cold sores finasteride efectos secundarios tamoxifen citrate cost of cialis levitra 10 mg prezzo cialis sample azithromycin pediatric dosing cost of viagra cialis discount 200 cialis coupon withdrawal from lexapro how does cialis work what bacteria does ciprofloxacin kill finasteride 5mg side effects mayo clinic effects of stopping lexapro suddenly tamoxifen lawsuits cealis canadian viagra levitra finasteride long term effects ciprofloxacin hydrochloride ophthalmic azithromycin for uti azithromycin eye drops cialis for sale cialis website utilisation viagra finasteride hair loss ciprofloxacin hcl 500 mg tab levitra prices how long does viagra last cialis tadalafil cialis or viagra azithromycin pregnancy acyclovir for shingles what is azithromycin for levitra 20 mg what works better than viagra levitra erfahrungen azithromycin 250 mg lexapro vs wellbutrin cipro dangers zovirax pills generic for lexapro ciprofloxacin side effects in women azithromycin tablets erectile dysfunction cialis escitalopram oxalate cialis samples cipro antibiotic is azithromycin cialis dosage tamoxifen and foods to avoid lexapro para que sirve viagra nebenwirkungen antibiotic ciprofloxacin lexapro reviews how does viagra work what is azithromycin used for finasteride side effects in men viagra pill levitra vs viagra azithromycine eg 500 mg bijsluiter cialis daily lexapro and weight gain in women nolvadex viagra ohne rezept aus deutschland lexapro and wellbutrin combination therapy buy cialis side effects of acyclovir discount viagra tamoxifen bijwerkingen lexapro vs celexa levitra without a doctor prescription viagra on line no prec levitra vs viagra for hardness what does ciprofloxacin 500mg treat is tamoxifen chemotherapy acyclovir dosage cialis testimonials escitalopram side effects ciprofloxacin uses ciprofloxacin coverage ciprofloxacin hcl 500 mg cialis for bph sophia viagra cialis pills ciprofloxacin 500mg antibiotics side effects levitra 20 mg precio farmacia ciprofloxacin for dogs cialis dosage strengths finasteride vs dutasteride side effects of cialis ciprofloxacin 500 tamoxifen side effects in women over 55 levitra dosage azithromycin coverage azithromycine 250 mg escitalopram 10 mg para que sirve side effects of azithromycin 250 mg cialis 10 mg viagra 100 levitra coupon buy levitra what is lexapro used for generic lexapro buying viagra acyclovir 800 mg 5 times a day finasteride and enlarged prostate azithromycin acyclovir 800 mg for shingles cialis price viagra ciprofloxacin dose what is cipro usually prescribed for viagra 100mg tablets retail price side effects of lexapro azithromycin and alcohol lexapro vs zoloft viagra costs how to wean off lexapro acyclovir acyclovir dosing pfizer viagra coupons from pfizer how to take cialis lexapro withdrawal lexapro dosage zovirax cream cipro 500 cialis 5mg daily cialis 30 day trial coupon cheap cialis cialis coupons from manufacturer lexapro medication azithromycine where to buy viagra what is acyclovir cialis effects cialis for women viagra single packs tamoxifen nebenwirkungen cipro side effects generic levitra vardenafil 20mg cialis dosage recommendations finasteride tablets viagra on line what is cipro used for ciprofloxacin 500 mg for urinary tract infection tamoxifen side effects azithromycin z pak viagra without a doctor prescription what is finasteride generic for cialis levitra vs viagra viagra canada lexapro lexapro and weight loss cialis for men azithromycin 500mg lexapro side effects in women acyclovir side effects free cialis cialis for daily use escitalopram effets secondaires lexapro dosages canada cialis viagra wikipedia buy generic viagra ciprofloxacin side effects viagra uk viagra vs cialis vs levitra finasteride 5 mg tab azithromycin side effects is ciprofloxacin a penicillin wholesale cialis generic cialis at walmart side effects of finasteride 5mg viagra online lexapro generic canadian cialis viagra side effects viagra for women ciprofloxacin hcl what is azithromycin viagra vs cialis vs levitra zovirax dosage what is tamoxifen used for finasteride 5mg tab zithromax how does acyclovir work azithromycin drug class viagra tablets ciprofloxacin eye drops finasteride medication women viagra lexapro 5mg ciprofloxacin 500mg levitra coupons levitra prezzo in farmacia tamoxifen and bone pain cheap viagra what is finasteride used for stopping lexapro viagra medicine what is acyclovir used for tamoxifen therapy vardenafil 20mg ciprofloxacin ophthalmic solution lexapro manufacturer website what is viagra how long for azithromycin to take effect viagra samples cialis patent expiration 2017 thuoc azithromycin levitra 20mg ciprofloxacin 500 mg tabletten azithromycin three times a week viagra tablet escitalopram 10 mg cialis professional zovirax for cold sores cialis 20mg directions viagra for sale weaning off lexapro what infections does ciprofloxacin treat viagra receptfritt cialis on line levitra 20 mg cost walmart cipro antibiotics female viagra cipro drug class finasteride side effects what is ciprofloxacin prescribed for generic viagra 100mg side effects of azithromycin what is cialis cialis pharmacy prices viagra 50mg cipro for uti cipro side effects in elderly ciprofloxacin drops ciprofloxacin class finasteride azithromycin without a doctor’s prescription viagra price acyclovir 200mg finasteride reviews how much does cialis cost vardenafil vs viagra finasteride permanent side effects viagra wiki cialis otc viagra vs cialis side effects of ciprofloxacin ciprofloxacin 500mg tablets buy cialis online lexapro 10mg over the counter viagra levitra bayer 20mg meilleur prix azithromycin 500 erfahrungen cialis free trial viagra soft tamoxifen acyclovir medication azithromycin 500 mg viagra alternatives cialis voucher viagra kaufen side effects of lexapro 10 mg what is tamoxifen cialis without a doctor’s prescription common side effects of ciprofloxacin 500 mg lexapro side effects in men zovirax ointment cialis cost viamedic cialis how to get off lexapro cialis pricing azithromycin 5 day dose pack side effects of finasteride cialis canadian pharmacy cialis online cialis vs viagra cialis prices cialis 30 day sample side effects of lexapro in women viagra activate cialis cheap viagra cialis ciprofloxacin azithromycin tablet ciprofloxacin spc what does viagra do zithromax z-pak cialis acyclovir 800 mg viagra tesco viagra en ligne livraison 24h cialis generic availability escitalopram 20 mg cialas finasteride for hair loss cialis medication what does azithromycin treat lexapro benefits for women azithromycin for strep throat ciprofloxacin bnf when will cialis go generic equipe argentine viagra cheap levitra viagra pillen kruidvat finasteride results what is ciprofloxacin is lexapro a controlled substance side effects of tamoxifen cialis coupons 2017 viagra generic zovirax cialis coupon print zithromax dosage tamoxifen langzeitfolgen viagra prices viagra substitute azithromycin pregnancy category sex viagra for women acyclovir ointment 5 ciprofloxacin dosage ciprofloxacin hcl 500 mg side effects ciprofloxacin dosierung cialis samples overnight viagra sex what is acyclovir for celexa vs lexapro finasteride 5mg first few days on lexapro does lexapro cause weight gain lexapro coupons generic viagra azithromycin uses azithromycin 250 mg treatment viagra cost viagra coupons cilias side effects of viagra azithromycin liquid tamoxifen cost ciprofloxacin 500mg antibiotics ciprofloxacin nebenwirkungen ciprofloxacin used for tamoxifen interaction lowest cialis prices is azithromycin penicillin viagra 100mg viagra sans ordonnance generic levitra viagra vs cialis buy viagra what is ciprofloxacin used for lexapro for anxiety zoloft vs lexapro ciprofloxacin drug class online cialis generic cialis tadalafil finasteride 5mg side effects cipro and tendonitis acyclovir cream acyclovir 800mg tamoxifen side effects in women wellbutrin and lexapro viagra coupon buy levitra online viagra bestellen pfizer viagra ciprofloxacin 250mg cialis generic tadalafil finasteride effets secondaires buy viagra online cialis patent expiration cialis trial side effects of ciprofloxacin 500 mg viagra without a doctor prescription usa cialis coupons printable viagra for men levitra 20 mg von bayer free viagra cialis pills for sale how long for lexapro to work lexapro side effects levitra generic lexapro 20mg levitra 20mg cost per pill viagra natural viagra dosage daily cialis lexapro overdose azithromycin medscape viagra from canada 9 levitra at walmart escitalopram nebenwirkungen zithromax 500 mg levitra rezeptfrei deutschland cialis vs viagra azithromycin 250 finasteride 1mg cialis reviews how to wean off lexapro without withdrawals finasteride 5 mg how to use viagra escitalopram 10mg price cialis cipro uses finasteride for women tamoxifen and weight gain ciprofloxacin 500 mg