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••• The International Writers Magazine: Comment

How can Indians protect Indian temple Gold?
• Murli Menon
Once upon a time, there was a king in India, who paid his army in gold coins from his treasury. The king decided to conquer neighbouring kingdoms and soon exhausted his gold as he travelled further. So he got a brilliant idea. Demonetisation.

Gold Coin

He printed copper and brass coins and made their value equal to gold. Soon, the population started converting their copper and brass vessels into coins and the value of the currency fell so much that the coins became as worthless as stones, as the public could not distinguish between the genuine and fake coins. Commerce was affected, trading stopped and there was chaos all around. Soon, farmers had no money to buy seeds and the villagers started going hungry. The public knew that the king was a nincompoop, so they started bartering their services. The farmer borrowed the seeds and repaid in grain. The cooks bartered their cooking skills for food and so on and the hoarders of the coins were the losers.  For every action there is an equal and opposite reaction.

After demonetisation, there was an unfortunate  rail accident  in India near Kanpur. The Indian Government announced an ex-gratia of INR 5000 (U.S.$ 70) to the kin of injured in the accident. The Indian Railways paid the amount in demonetised currency (illegal tender) and not in new notes. This confirms our suspicion that RBI and the Indian Government are running a ponzi scheme to protect unscrupulous bankers and crony capitalists who pretend to be pro-Hindu by making the Indian Television crew follow their visit to temples as photo opportunities.  The point to be noted here is that the Indian media and fake Hindu capitalists never go to Ujjain and stay the night at Ujjain. They scoot like bandicoots to stay overnight at Indore.

The reason for this is that Lord Shiva is the undisputed king of Ujjain. And all other pretenders and political leaders are scared of the consequences of spending a night in Ujjain.  The Hindu scriptures confirm that a genuine Hindu devotee who has a glimpse of “Mahakaleshwar Jyothirling” at dawn or dusk, will never meet an untimely death like an accident, suicide or murder. Here I must quote the Bantu pygmy saying, “For those who believe no explanation is necessary, for those who disbelieve, no explanation is sufficient.

 For those who are not well versed with the intricate world of finance, the Central Bank of every country prints currency where the bank promises to pay the bearer of the currency an equivalent amount as mentioned on the currency note. But the bankers hide the important detail. For the banknote to have an intrinsic value, the bank must keep an equivalent amount of gold in physical form in their gold vault.  Which means that if one 2000 Rupee note is printed and put into circulation,  Rs. 2000 worth gold must be deposited into the gold vault of the bank. During Hindu rule in India, all princely states used gold coins and temples in India today, hold more than 10,000 tonnes of gold (donated by devotees like us), while the Indian public holds close to 30,000 tonnes of gold. The unopened gold treasury at Anantapadmabhaswamy temple in Kerala could hold more than 1000 tonnes of pure gold. So do the temples of Tirupati, Shirdi, Dwarka, Siddivinayak and Srinathji.  The main idol at Sri Ranganatha  Swamy temple at Trichy is made of pure gold and so is the case with many other temples in India and Nepal. An underground buried treasure in Uttar Pradesh is still under excavation and is expected to yield more gold than Anantapadmanabhaswamy temple.

If the Central Bank prints currency without depositing the gold in its vault, there is no intrinsic value and there is no difference between that note and a printed piece of paper. So what does the Central Bank do after the currency is printed? They loan this piece of paper (which is designed and printed with the seals of the Indian Government) to the Indian Government, who distribute it to the general public through public, private and foreign banks. The Government has to pay an interest to the Central Bankers. The biggest joke here is that the notes are printed on imported paper from foreign suppliers and printed using foreign ink. These suppliers are free to supply the same paper and ink to other countries, whose only other investment is a colour photocopier of industrial grade and an automatic cutting machine to start photocopying Indian currency.

However, as long as the note keeps circulating in the market, the Indian Government can rest in peace.  If some of the customers of the bank withdraw their currency notes to buy property, gold, insurance policies, pay taxes, consumer goods  and luxury goods, the banks have no problem in withdrawing from its printed cash reserves. So, the objective of the Government Banks is to tie up your currency in a myriad of long term financial instruments like bonds, securities, fixed deposits, provident fund, mutual funds, stocks, e-wallets, credit cards and life insurance policies, so that all the people do not withdraw all the money at the same time.

But what does the bank do with the money. The bank lends to these crony capitalists who are often recommended by political, economic and financial advisors for investing in power projects, petroleum refineries, mines and other industries. However, the ponzi scheme of the Central Bank and the Indian Government becomes unravelled when these crony capitalists use the bank funds for their personal use and stop repaying the banks.

I need not mention two absconders who are hiding abroad, escorted by the Government.  These crony capitalists know that there is no intrinsic value in Indian currency, so they convert their Indian Rupees into Euros, Dollars, Pounds, Dirhams, gold, jewellery etc. in the black market and keep it in Swiss accounts, or tax havens protected by secrecy laws of those countries and use it to buy private jets, luxury watches and expensive properties at London, New York and Paris at inflated prices. 

If this scenario keeps repeating, these defaulters stop repaying loans to the Indian banks, who try to make up for the shortfall by sending hired security guards after a college student who could not pay the instalment for his brand new motorbike. The banks desperately try to recover their liabilities to window dress their financial statements, to show that their non performing assets are under control. The best part about this ponzi scheme is the banks declare profits through bail-outs and even pay the customary dividends to the Government to keep up the act. At the same time their outsourced goons are threatening a senior citizen on the phone to repay her instalment of Rs. 7000 (US$ 100) for a housing loan.

 Everything looks fine till the wilful defaulters projects start failing. An example is a newly set-up gas company in Gujarat in partnership with some crony capitalists, which invested Rs. 22,000 crores in a gas project, where not a single cubic metre of gas has been extracted in the last 11 years. So the banks are instructed by their political masters to write-off the loans of these crony capitalists.

However, when the banks are strapped for cash, they approach the Government for bail-outs. When the Government has the cash, they bail out the banks. But when the Government is cash strapped, they go to the Central Bank and borrow more. So what does the Central Bank do?  They print more paper currency and loan the Government. The Government in turn gives them some long term, low yielding  bonds as security, which is more of an accounting adjustment, but those who trade in Government bonds and treasury securities go under fancy designations like investment bankers,  when they are no better than employees of ponzi schemers!

The best part of this ponzi scheme is that neither the Government employees nor the general public nor the bank’s employees are aware of the details of the scheme as they are kept compartmentalised by the ponzi schemers and are not allowed to have a holistic view.  Now what happens when the Central Bank realises that they have printed far too much currency to sustain their ponzi scheme and are scared of the possibility of even a small fraction of the public wanting to withdraw their savings as cash? They advice the Government to announce demonetisation, which is nothing but daylight robbery.

So demonetisation has nothing to do with black or white or counterfeit currency. Demonetisation is the Central Banker’s Houdini style escape from their liabilities. The demonetised notes (which were anyway pieces of paper without intrinsic value) have to be deposited by the innocent public at their own expense by waiting in kilometre long queues, due to the panic created by the Indian media on the orders of their political masters or crony capitalist owners. Nearly 50 innocent lives have been lost in the last 10 days, including farmers, bank officers, senior citizens and the poorest of the poor and the ponzi schemers are claiming that it is for the good of the country! The Government will collect the old currency from the innocent public while using it themselves to pay compensation to train accident victims! How convenient. A lot of currency with the poor, illiterate, senior citizens, old age homes, orphanages and in unopened piggy banks of rural households will vanish faster than Alladin’s genie.

The money collected from the general public will be used by the Indian Government to quietly write-off the bad loans of their crony capitalist masters.  The Government will continue to offload old demonetised currency notes as compensation to train accident victims and impoverished farmers to buy seeds as the last holder is the loser and the Government wants to pass the buck.  To keep a window open for their cronies who are abroad, these old notes continue to be accepted as legal at Government schools, for mobile recharge and can still be exchanged at the Central Bank by tendering an application.

The Central Bankers know that as a large part of the notes have become worthless, there will be general panic and disunity and confusion among the population, which will make their position safe. Economists, accountants, auditors and multinational banks are all accomplices in this ponzi scheme. Opposition parties will pretend to protest and the media circus will follow them,  as they too are aligned with the ponzis!

 What are the forthcoming steps of the ponzi schemers? Ponzi schemer’s will declare that  all gold held in the safe deposit lockers of Indian Banks must be deposited with the bank and the bank would weigh the gold and issue certificates  confirming the amount of gold held by that person. Individual bank lockers will be done away with.  This will be applicable to temple gold too.  Then, the Ponzi schemers will either stamp their own gold coins or get gold plated tungsten bars from some foreign country and take away the pure Indian gold ornaments,idols and lamps, which is real ancient Indian gold (unlike the tungsten coated gold bars you get abroad).

Temples will be forced to deposit their gold including ornaments except for a few selected ornaments for decorating the idols,  in exchange for certificates or gold plated tungsten bars. Under the pretext of curbing gold smuggling, the ponzi schemers will voluntarily encourage Indian households to donate their Indian gold jewellery under the guise of nation building or may buy the jewellery from the  households by giving their ponzi currency notes.  That is why a higher denomination note has been printed as the ponzis wanted to reduce their printing costs too! The note itself looks like a crude photocopy from a high quality industrial colour laser printer. Even currency from the children’s game “Monopoly”in the United States, looks better than the new Rs. 2000 printed by the Indian Central Bank. There are newspaper reports of fake Rs. 2000/- being found in Karnataka State within a few hours of the first note being released by the Central Bank. The Rs. 500/- note has been misprinted in three variants as per latest newspaper reports with the corporate communications head of RBI requesting the public to exchange these misprinted notes at RBI? So you queue to exchange old notes into new and then queue to exchange misprinted new notes into genuine notes at the Central Bank!

 So what are the immediate steps to be taken by Indian households to avoid the confiscation of temple and private gold by these ponzi schemers.

     All gold presently kept in bank lockers should be retrieved and kept at home.  Indian gold ornaments  will always get you cash at all times. 

         If you need to buy gold buy it in ornaments and not certificates or gold bars.

         If the police or the income-tax or hired goons of the Government and bankers try to force you to part with your family gold ornaments  by threats, written notices or home visits,  the younger generation should start a “Indian gold matters” movement.  Just form chains by holding hands and prevent all cars, or vehicles from entering or leaving the Central Bank in a non-violent protest, exactly like Gandhiji’s satyagraha.  Coincidently, I live in Ahmedabad and have visited the Ashram regularly since last 40 years. The simplicity of Gandhiji’s room at Sabarmati Ashram should be a great motivation for the younger generation to protect their ancestral gold ornaments.

         Boycott big jewellery brands with large showrooms. Buy or sell your gold jewellery at your neighbourhood mom and pop jewellery stores.

        Never melt jewellery and convert to gold bars.

       Never buy gold bars

        Do not use electronic wallets for any transaction

        Indian Electronic wallets can be easily hacked. When software giants like Adobe could not protect their        Always pay for jewellery purchase by cheques. Do not use credit or debit cards. 

       Start a barter system for goods and services to avoid the banking system as much as possible.

        If you need money in an emergency sell your silver and diamond jewellery first. Never sell Indian gold ornaments first.

       You may be an Indian living in London, New York, Melbourne or Paris but whenever you buy gold come to India and buy gold ornaments from small Indian jewellery shops. You will be doing your bit to protect Indian temple gold. 

        Start using the smaller denomination notes for your daily purchases as the percolation of these notes will help disadvantaged Indians.

In order to renovate the house, someone in Kerala breaks open the wall. Wooden houses in Kerala, normally have a hollow space between the teakwood walls. When tearing down the walls, he found that there was a lizard stuck because a nail from outside hammered into one of it's feet.  He sees this, feels pity, and at the same time curious, as when he checked the nail, it was nailed 5 years ago when the house was first built !!!

What happened?

The lizard has survived in such position for 5 years!!!!!!!!!! 

In a dark wall partition for 5 years without moving, it is impossible and mind-boggling. Then he wondered how this lizard survived for 5 years! without moving a single step-- since it's foot was nailed! So, he stopped his work and observed the lizard, what it has been doing, and what and how it has been eating. Later, not knowing from where it came, appears another lizard, with food in it's mouth. Ah! He was stunned and touched deeply.  For the lizard that was stuck by nail, another lizard has been feeding it for the past 5 years...

Please volunteer to offer water to the poor, senior citizens, disabled and veterans in ATM queues and do not forget to share your tiffins with the bank cashiers, officers and security guards. All of them are overworked because of these ponzis. Please do not buy new plastic water bottles but carry water in your own glass bottle and share.... as the queues are going to be there for a long time. 

Update Dec 6th:
When I was growing up in the mid-1960’s, my friends and I used to play marbles in Gujarat. Marbles were sold by children to each other after the games were over. As we all were just learning elementary mathematics we knew only coins and not currency notes. However, at such a young age, we used to recite the “gayatri mantra” 108 times and knew the sacredness of the number 9. So, at a young age, we were taught to recite the 1008 names of Vishnu, 1008 names of Devi and 1008 names of Lord Shiva.

At that time Indian coins used to be 1 paisa, 2 paise, 5 paise and 10 paise and 20 paise and 50 paise. We could purchase marbles for all denominations we needed and we never ran out of change as long as the money circulated. The prices of the marbles remained steady as long as there were enough children buying and selling the marbles. As we grew up, we were introduced to currency notes. Currency notes were also of the following denominations: One Rupee, Two Rupees, Five Rupees, Ten Rupees, Twenty Rupees, Fifty Rupees and Hundred Rupees. In the seventies too, we did not face shortage of change both in coins and notes. Price increases were also minimal. Then somebody had a wise idea and introduced a 1000 Rupee note and a 10,000 Rupee note, which were subsequently demonetised as the currency had jumped from 100 to 1000. Any increase in currency value which does not take into consideration the underlying principles of numerology is either bound to fail or will cause enormous hardships to the populace, which is what is happening today.

The current situation, shows the short-sighted approach of our so-called economic experts, who have no idea of the principles behind numerology. Presently currency notes of smaller denominations like 1 Rupee, Two Rupees and Five Rupees have disappeared from the market. This leads to rounding up which leads to inflation. After the Euro was introduced in Europe, prices of all commodities increased without any underlying factors due to the rounding up factor.

Till November 8th 2016, we had coins of 1 Rupee, 2 Rupees, 5 Rupees and 10 Rupees and currency notes of 50 Rupees and 100 Rupees. Then, there was a sudden jump to Rs. 500 and Rs. 1000. This was a monumental mistake which lead to higher inflation due to lack of change for 1000 Rupee and 500 Rupee notes.

Today, on the 5th of December (nearly a month after this so called demonetisation”), I visited all the ATM’s in the neighbourhood, as I drove down for a meeting. Almost all ATM’s were shuttered down or out of cash. The only ATM with any semblance of cash was the one with a long, long queue. Finally, I managed to locate my bank’s ATM. My bank is HDFC Bank and well the ATM was open, there was no queue but there were two of man’s best friends, enjoying their siesta at the door of the ATM as the ATM had run out of cash 20 days earlier and is in the same state as of today!

Now it is getting one step worse. After the scrapping of Rs. 500 and Rs. 1000 now directly from 500 Rupees ( I am yet to see a new 500 Rupee note as all ATM’s are out of cash or shuttered down) the jump is upto 2000. This is highly skewed and will lead to double digit inflation and currency devaluation will become the order of the day. What India needs today is a Rs. 200 note. Both the new Rs. 500 and Rs, 2000/- should be demonetised after the new 200 Rupee note is printed and distributed so as it reaches all banks all over India. This may take a year and the size of the 200 Rupee note should be the same as the 100 Rupee notes so that new ATM cassettes need not be purchased by banks. What is best metaphor that explains the predicament India is in at the present moment. In the ancient days, there was a man in India, who cooked his rice in a peculiar way. He kept the rice in a pot, tied to the branch of a tree and lit a fire below the branch expecting the rice to get cooked. The present day Indian banking industry is akin to this man cooking the rice.

 I am going to include this anecdote in my forthcoming book "ZeNLP-learning through stories part-2" which is scheduled to be published shortly.

© Murli Menon 2016
Murli Menon is the author of "ZeNLP-the power to succeed", ZeNLP-the power to relax" and “ZeNLP –learning through stories” and he can be contacted by email at

Please do not buy my books from flipkart/amazon/snapdeal/infibeam/paytm
Buy it from small mom and pop bookshops near you. 


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