With over 900 million believers and many faithful, and innumerable ‘holy’ places, Hindu <keyword id="56253" type="General" weightage="20" keywordseo="Temples" source="Orion">temples</keyword> are neither short of footfalls nor donations. So much so when <keyword id="419623" type="General" weightage="20" keywordseo="Tirumala-Tirupati" source="Orion">Tirumala Tirupati</keyword> Devasthanam declared that its land holdings are valued at ₹85,000 crore (modestly) across 960 properties all over India — few were surprised. After all, the <keyword id="721647" type="General" weightage="20" keywordseo="Lord-Venkateshwara-temple" source="Orion">Lord Venkateshwara temple</keyword> makes <a href="https://www.indiatoday.in/fyi/story/siddhivinayak-hundi-rich-temple-india-demonetisation-352322-2016-11-16">$11 million a year</a> selling its ladoos alone, in addition to the thousands who queue up every day and make generous donations. <div type="image" title="Venkateshwara temple makes $11 million a year selling ladoos alone" height="900" width="1200" msid="94550183" hostid="261" caption="&amp;lt;p&amp;gt;Venkateshwara temple makes $11 million a year selling ladoos alone&amp;lt;/p&amp;gt;"></div> From the gilded era Tirupati has a long history of generous donations. A 16th century king Krishnadevaraya who ruled over erstwhile Andhra and Karnataka is known to have performed an ‘abhishekham’ with 30,000 gold coins instead of the traditional bathing with milk — in addition to other gold ornaments he donated. <div type="image" title="Tirupati temple has a long history of generous donations" msid="94550258" hostid="261" caption="&amp;lt;p&amp;gt;Tirupati temple has a long history of generous donations&amp;lt;/p&amp;gt;"></div> Tirupati has been holding on to the richest temple tag for generations till it was displaced by Sri Padmanabhaswamy Temple in Kerala, with an estimated $20 billion lying in its vaults. <div type="image" title="Sri Padmanabhaswamy temple in Kerala has an estimated $20 billion lying in its vaults" height="900" width="1200" msid="94550303" hostid="261" caption="&amp;lt;p&amp;gt;Sri Padmanabhaswamy temple in Kerala has an estimated $20 billion lying in its vaults&amp;lt;/p&amp;gt;"></div> Some of the treasures uncovered include 1.2 metre solid gold statues studded with precious stones, crowns and countless artefacts. An <a href="https://economictimes.indiatimes.com/news/politics-and-nation/sree-padmanabhaswamy-temple-wealth-amicus-curiae-finds-serious-lapses-wants-audit/articleshow/33963351.cms?from=mdr">amicus curiae </a>petition was filed in the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/sree-padmanabhaswamy-temple-wealth-amicus-curiae-finds-serious-lapses-wants-audit/articleshow/33963351.cms?from=mdr">Supreme Court, </a>which wanted a scientific audit on the treasures. And a few vaults are still unopened, deepening the mystery of this temple’s wealth. The 12th century temple Shree Jagannath of Puri too is moving to digitise its land records and said that it possesses over <a href="https://www.businessinsider.in/india/news/land-records-of-lord-jagannaths-over-60000-acres-in-7-states-to-be-digitised/articleshow/94497919.cms">60,000 acres across seven states.</a> <div type="image" title="Jagannath temple in Puri" height="900" width="1200" msid="94550358" hostid="261" caption="&amp;lt;p&amp;gt;Jagannath temple in Puri&amp;lt;/p&amp;gt;"></div> Built by kings and patronised by their subjects, many Indian temples possess lands, mostly farm lands – to support their upkeep. Most old and large temples receive ample donations in cash and gold that have been filling their Hundis and coffers over the centuries. Endowment bodies are private entities and never had to reveal their wealth, few can guess the extent of cash and gold holdings. Apart from a few details that have become public, very few have ventured to estimate temple wealth. In 2016, the World Gold Council estimated that the gold lying in Indian<a href="https://www.business-standard.com/article/current-affairs/temples-hold-about-4-000-tonnes-of-gold-116032400306_1.html"> temples could be as high as 4,000 tonnes</a> — that’s over a fifth of the total gold holdings of the country. Cash, stocks or bonds? The cash that temples receive from Hundis remains enormous. Temples are known to employ large teams to sort and count them and some have even fashioned giant sieves that can sift coins. As the number of financial instruments increase, temple trusts too have expanded their ‘accounts’ to easily receive all sorts of donations. In 2015, Lord Balaji opened his own demat account to receive stocks and bonds. Following Him, are many temple trusts including Vaishno Devi temple, Swaminarayan Temple of Ahmedabad, Srinathji Temple of Nathdwara, Iskon Charities, Mahakaleshwar Jyotirlinga in Ujjain, to name a few. In addition to easing the process of ‘offerings’ in an increasingly cash-free society, this move also helps people turn Gods into their business partners with a small stake. Like in the case of gold, no information is proffered on how much stock trusts hold and if they are traded. What’s the wealth going to do? Legend has it that all that goes into Lord Balaji’s Hundi is used to pay off the interest for a loan that he took from Kubera, the God of wealth, and this payoff will continue till the end of Kali Yug. In reality, it’s the trustees who decide what is to be done with the wealth. And, what do temples do with the wealth? It takes a lot to maintain a temple. Large temples employ a range of staff – be it priests, security guards, cleaning staff and accountants, some temples even have a large administrative staff to manage the finances and more. Moreover, temples hold large events like Navratri festivals, pujas or annual processions like rath yatras. A few temples also cook and serve prasad like the Iskcon temple which offers an elaborate lunch-like prasad on a daily basis. <div type="image" title="Krishna Janmashtami at Iskon temple in Juhu, Mumbai" msid="94550472" hostid="261" caption="&amp;lt;p&amp;gt;Krishna Janmashtami at Iskon temple in Juhu, Mumbai&amp;lt;/p&amp;gt;"></div> A few temple trusts also run charitable organisations like schools, colleges, hospitals and even orphanages – so a lot of money goes into that too. During the Covid-19 pandemic, a few temple trusts like Puri’s Shree Jagannath Temple Administration donated in cash while many others provided facilities for quarantine facilities, beds and even Oxygen tanks. All in all – trusts also contribute towards welfare activities. The temples also reserve some of its wealth for a rainy day. During the lockdown, when temples shut doors, a lot of them which depended on daily cash donations <a href="https://www.telegraph.co.uk/news/2020/08/26/1200-hindu-temples-india-will-pawn-gold-maintain-running-costs/">had to pawn their gold to maintain</a> the running costs. The Travancore Devaswom Board, which manages Kerala’s temples, had deposited some of its gold with the Reserve Bank of India (RBI) for a loan after selling unused lamps and a few brass utensils. The temple and the state Temple priests, seers and Kings always maintained a healthy mutual relationship – some of the former also adorned the courts and were trusted advisors. Tensions however emerged after monarchy and the battle lines were drawn between the church and the state. The first clash occurred in the early 1800s when the East India Company (EIC) demanded a tribute from the Queen of Travancore – the royal family which is now the trustee of Sri Padmanabhaswamy Temple. As she failed to provide ‘protection money’, the company took over the temple trusts in the region. This passed onto the British crown who later drafted a Madras Religious and Charitable Endowment Act, which later became the The Hindu Religious and Charitable Endowments Act – that controls a few hundreds of thousands of temple trusts, mutts and endowments. It is to be noted that the Madras Presidency covered large parts of Tamil Nadu in addition to Andhra Pradesh, Karnataka and even Kerala — till date, a few hundreds of thousands of temples are directly under government control. In fact, some of the richest trusts including Tirupati, Meenakshi temple of Madurai, Shirdi Sai Baba temple and Siddhi Vinayak <a href="https://asiaconverge.com/2020/09/indian-governments-outdid-aurangzeb-they-emasculated-hindu-temples/">fall under the government control</a>. IAS officers act <a href="https://indianexpress.com/article/india/shirdi-saibaba-trust-ias-official-4560862/">as temple trustees in many temples</a> across states like Maharashtra and Uttar Pradesh, which appointed an IAS officer to the <a href="https://theprint.in/india/nripendra-misra-modis-trusted-former-ias-officer-will-head-ram-temple-construction-panel/368134/">Ayodhya’s Ram temple trust</a>. The trust with the government There have been multiple attempts to bring more trusts under the government’s purview and a few of them have been resisting in multiple ways. The most high profile case has been that of <a href="https://www.business-standard.com/article/pti-stories/nataraja-temple-to-be-managed-by-priest-not-by-tamil-nadu-govt-114010600610_1.html">Nataraja Temple at Chidambaram Trust and the state government</a> of Tamil Nadu where the court ruled in favour of the trust. The pre-Chola temple where the statue of Shiva itself remains elusive – known as the ‘secret’ – had resisted the state government attempt to take over the trust. A similar attempt at a takeover of the Sri Padmanabhaswamy Temple trust temple, with treasures that are worth hundreds of billions, by the state government — <a href="https://www.moneycontrol.com/news/india/supreme-court-sets-aside-kerala-hc-order-on-government-takeover-of-padmanabhaswamy-temple-5540371.html">was stalled by the Apex court</a>. Yet another case involves the <a href="https://www.barandbench.com/news/litigation/vaishno-devi-shrine-board-funds-were-used-for-iftaar-parties">Vaishno Devi temple, </a>where a petition was filed challenging the government control of the shrine. The Karnataka government however wants to do away <a href="https://www.timesnownews.com/india/karnataka-to-do-away-with-government-control-over-temples-says-cm-bommai-in-budget-speech-article-89990133">with its control over temple trusts</a>, said the chief minister Basavaraj Bommai in March this year. If they do so, they would create a precedent where more endowments would seek autonomy – leaving one of India’s high-profile asset owners with more control of their vaults and all that therein.

SIMPLY PUT: Gods must be wealthy but how wealthy are they?

<img class="gwt-Image" src="/photo/25004606.cms" /> India’s phenomenal love for <keyword id="18712" type="ENTERTAINMENT" weightage="100" keywordseo="Gold">gold</keyword> is about to hit the peak on November 1 – the <keyword id="4067" type="UNKNOWN" weightage="100" keywordseo="Dhanteras">Dhanteras</keyword> Day – when thousands go on a gold-buying spree. But just a day before the <keyword id="1922775" type="UNKNOWN" weightage="100" keywordseo="gold-fest">gold fest</keyword>, the price of the yellow metal went down considerably. Although experts and <keyword id="92939" type="UNKNOWN" weightage="60" keywordseo="bullion-traders">bullion traders</keyword> predict that the <keyword id="35271" type="UNKNOWN" weightage="100" keywordseo="gold-price">gold price</keyword> (per 10 gm) may cross Rs 33,000 mark this Dhanteras, the precious metal continued its falling streak for the 4th straight session and tumbled to Rs 31,450/10 gm in the national capital today, a big dip from the previous close of Rs 31,710, even as premiums stayed at record highs. 
 So is it time to rush to your nearest jeweller and shop for gold on Dhanteras that marks the beginning of the five-day <keyword id="60699" type="UNKNOWN" weightage="100" keywordseo="Diwali-festivities">Diwali festivities</keyword>? Most people believe it to be an auspicious occasion to <keyword id="47916" type="UNKNOWN" weightage="80" keywordseo="invest">invest</keyword> in the precious metal. But why so, you may ask. Mythology has it that the dazzle of gold confused Yama, the god of death, when he came to claim the life of a young prince. Another legend says Dhanteras was the day when Dhanvantari (the god of healing) emerged from the ocean with amrit (nectar that makes one immortal) as gods and demons churned the sea to find it. Both legends mark the occasion as one filled with life force and positive fervour and even today, <keyword id="467706" type="UNKNOWN" weightage="80" keywordseo="goddess-Laxmi">Goddess Laxmi</keyword>, <keyword id="1922774" type="UNKNOWN" weightage="80" keywordseo="Lord-Kubera">Lord Kubera</keyword> and <keyword id="27928" type="PERSON" weightage="80" keywordseo="Lord-Ganesha">Lord Ganesha</keyword> are worshipped everywhere as people pray for wealth and prosperity. 
 
How’s gold doing: A reality check 
The worship of dhan (wealth) on Dhanteras is perfectly in tune with the gold fest that the country witnesses every year. But things could be a lot different this time around. With the yellow metal in short supply due to government’s restrictions on import, the demand for expensive gold has fallen and sales have dropped by 50%, according to industry estimates. In fact, over the past six months, <keyword id="46002" type="UNKNOWN" weightage="100" keywordseo="Gold-prices">gold prices</keyword> have witnessed a roller-coaster ride – fluctuating between Rs 26,000 and Rs 34,000/10 gm. 
 The <keyword id="44734" type="ORGANIZATION" weightage="40" keywordseo="Indian-Government">Indian government</keyword> has been taking several measures to curb inbound shipments of gold to contain the current account deficit (CAD). Only recently, it has raised the import tariff value of gold to $436/10 gm. In another unprecedented ‘gold control,’ it has also banned import of coins, bars and medallions. Consequently, banks and organised players have stopped selling <keyword id="36023" type="UNKNOWN" weightage="100" keywordseo="gold-coins">gold coins</keyword> and the demand for the same has fallen by 70%. Incidentally, coin sales always reached the peak during <keyword id="188" type="ENTERTAINMENT" weightage="100" keywordseo="Diwali">Diwali</keyword> as corporate houses and common men buy these for gifting purpose. 
 
Does that mean the traditionally ‘golden’ Dhanteras will lose its sheen this year? Not really, as people will consider buying gold if prices stay around 31K or less. Local retailers expect around 20% rise in sales during the current festive season, compared to the last fiscal. However, prices are expected to go up by Rs 300-1,000 per 10 gm on the Dhanteras Day, due to higher premiums caused by supply squeeze. Premium on gold may further rise from the current Rs 1,500-2,000 per 10 gm if demand skyrockets during this period. 
 
New <keyword id="1922778" type="UNKNOWN" weightage="100" keywordseo="buying-trends">buying trends</keyword> In spite of current restrictions, India has imported 393.68 tonnes of gold during the April-September quarter this year, as per official data. And the <keyword id="113718" type="ORGANIZATION" weightage="80" keywordseo="World-Gold-Council">World Gold Council</keyword> has estimated the country’s overall gold demand to touch a record 1,000 tonnes in 2013. We expect most of the buying to happen around Diwali and the wedding season, but there is a distinct shift in the buying pattern. Here is a quick look at what’s trending this festive season. 
 
Gold coins won’t be totally missing: Well, you can’t buy them at banks this time, but some jewellers have decided to sell gold coins this Diwali. All India Gems and Jewellery Trade Federation has asked its members to temporarily lift the ban on sale of gold coins, which has been on since July this year. Gold coins are not bought for investment but are rather seen as shagun and given as gifts, hence the decision. 
 
Lightweight jewellery is getting popular: That’s quite understandable, given the exorbitant price. While light <keyword id="6379337" type="UNKNOWN" weightage="100" keywordseo="gold-jewellery">gold jewellery</keyword> with semi-precious stones looks pretty and chic on any occasion, gold leafing and gold foil items have become the latest rage. For the 20-plus crowd, silver is in – used for funky designs, ethnic wear and even for traditional pieces. You can also buy intricate silverware for your dining collection or choose from a wide range of silver home décor items that will light up your Diwali. 
 
<keyword id="29454" type="COMPANY" weightage="80" keywordseo="Platinum">Platinum</keyword>, <keyword id="6368047" type="COMPANY" weightage="80" keywordseo="diamonds">diamonds</keyword> are the new gold: According to an <keyword id="6355988" type="CITY" weightage="40" keywordseo="Assocham">ASSOCHAM</keyword> survey, rising gold prices and short supply are driving <keyword id="624" type="ORGANIZATION" weightage="80" keywordseo="Women">women</keyword> to more stable <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> like diamonds and platinum this Diwali. On a year-on-year basis, the demand for diamond jewellery has grown more than 25% this year while diamond-studded platinum jewellery has seen more demand in the metros, than the traditional diamond-and-gold jewellery. That’s why 76% jewellers are now focusing more on platinum and diamond jewellery. If you, too, want to follow the latest trend and skip the yellow metal for a change, this Dhanteras-Diwali may bring a different kind of shine in your life. 
 
With input from Agencies 
Image: Economictimes.indiatimes.com

Gold Is Tumbling; Will It Be Cheaper This Dhanteras?

<ul><li>On the day of <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword>, gold, silver and jewel shops generally have long queues of customers with the total gold volume sales touching the year’s peak all over the country. </li><li>Buying gold on Akshaya Tritiya is considered a sign of good luck and an invitation to prosperity into the household in the age-old Hindu tradition. </li><li>Here we discuss some excerpts from the tradition suggesting why you must purchase gold on the day of Akshaya Tritiya.</li></ul>Akshaya Tritiya, the third day of the waxing lunar phase in the month of Vishakha is one of the most auspicious days to the Hindu households. The day is earmarked for new beginnings be it a new venture, activity, construction or business. It is believed that what began on this day grows indefinitely with fewer hurdles to progress. People invest in gold on this day deemed as a lucky move. It is believed to multiply gold stock in the household. Given below are some traditions that suggest why buying gold on this day can bring good luck. The day to get the blessings of Lord Kuber Once upon a time, Kubera, the son of Vishrawava, ruled the land of Lanka. His step brother Ravan seized the city and all other wealth from Kubera, and banished him from the ‘golden’ city of Lanka. Kubera later led a devout life and performed penances and won him the blessings of Lord Brahma and Shiva. Viswakarma, the architect of the gods, constructed a fabulous city for him named Alkapuri near Mount Kailash. Mahabharata says that it was on the day of Akshaya Tritiya that Kuber was blessed with the lordship over the wealth of heavens. On this day, he was made the controller of the Northern direction. Hence, worshipping Lord Kuber, the god of wealth, on the day of Akshaya Tritiya will bless the household with prosperity. Since Lord Kuber had got back a lot of gold on this day, buying gold on Akshaya Tritiya is believed to be a lucky thing. Pandavas got Akshaya Patra from sun god on this day An anecdote from the epic Mahabharata describes the importance of this day. Once, Lord Krishna visited the Pandavas in exile in the forest. While Krishna was at their humble domicile, Draupati felt helpless as she could not treat their divine guest with a good feast. Lord Krishna accepted a small leaf stuck to the vessel in which they had prepared food, and said their love satiated his hunger. Lord Krishna gave a boon that the Pandavas will receive Akshaya Patra from Sun god. The Akshaya Patra or the never-ending vessel supplied them with endless food throughout their exile. What began on this day is known to grow endlessly and hence people buy gold on Akshaya Tritiya hoping that their wealth will multiply in their household. When to buy gold on <keyword id="8816344" type="UNKNOWN" weightage="20" keywordseo="Akshaya-Tritiya-2020">Akshaya Tritiya 2020</keyword> The date of Akshaya Tritiya in 2020 is Sunday, April 26, 2020. The Tritiya Tithi begins at 11:51 am on April 25, 2020 and ends at 01:22 PM on Apr 26, 2020. The auspicious time to buy gold on Akshaya Tritiya is from 11:51 am on April 25, 2020 to 1:22 pm on April 26, 2020. See Also - <a href="https://www.businessinsider.in/india/article/everything-you-must-know-about-akshaya-tritiya-date-puja-timing-puja-vidhi-benefits/articleshow/75353768.cms">Akshaya Tritiya puja timing and puja vidhi</a> <a href="https://www.businessinsider.in/india/news/how-to-buy-gold-online-for-akshaya-tritiya-during-the-lockdown/articleshow/75354647.cms">How to buy gold online on Akshaya Tritiya</a>

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SIMPLY PUT: Gods must be wealthy but how wealthy are they?

Gold Is Tumbling; Will It Be Cheaper This Dhanteras?

Sanghamitra Mandal

Why people buy gold on Akshaya Tritiya

BI India Bureau