Rahul Mehta Gandhinagar LsCandidate
Several temples are being forced/asked to deposit their gold in SBI Gold bond, which I have labeled as Ghazani Bond.
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While citizens of India were busy with great reality show involving kids asking fixed and pre-decided questions to PM, one after another temples are being asked to deposit their gold with SBI , NOT as locker, but for commercial use in Gold Bond.
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Please google on "gold temple SBI bond" . Some 29 temples in HP have been ordered to deposit about 20% of the gold they have with SBI, and this 20% will only rise in near future. Some temple named Kanak Durga temple deposited its 55 kg of gold with SBI. Temples in AP are being asked to deposit gold with SBI and soon Padmanabhan Temple's gold also may land in SBI.
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Gold Bond is interesting idea.The temples give say 1000 kg of gold to SBI and SBI will return after 5 years 1060 kg gold. Say gold is worth Rs 30000 for 10 grams = tola. Then 1 kg = Rs 30 lakh and 100 kg = Rs 30 crore., and 1000 kg = Rs 300 cr. So Rs 300 crore is given as deposit. So now if gold price appreciate more than 50% , in next 5 years, then temple wins. If appreciation is below 50% then temple loses. Well, loss and profits go with all investments. God is no exception.
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But how will SBI use this gold?
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SBI is using this gold as pledge for repatriation. i.e. foreign investors are giving FDI on implicit condition that if later GoI doesnt have dollars for repatriation of capital or profits or both, then SBI will use this temple gold. Also, some say, that SBI will use this gold for speculation !! It will sell this gold when prices are high and buyback when prices are low. Given the corruption in SBI directors, we may even see the opposite !! All in all, the gold is now Ram Bharose or rather Ravan Bharose, literally.
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Solution I propose is to abolish gold bonds. Govt should not be in business of gold speculation. Temples too should not be in gold speculation, but I will leave that for temple owners and bhakts. But Govt should focus ONLY on courts, police etc and NOT gold bonds. Schemes are universal bank accounts are welcome. But gold bond should end.