Assocham proposes Bonds to unlock religious treasures

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Assocham proposes Bonds to unlock religious treasures
India's premier apex industry body the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has urged to bring security of treasures locked up in strong rooms in to the economy for building infrastructure.

In a note submitted to the RBI and Finance Ministry, the chamber Secretary General Mr. D S Rawat has suggested formation of National Policy to bring an estimated Rs.10 trillion reportedly locked up in the strong rooms and inaccessible underground vaults of various religious places by way of bullion or artifacts and precious stones.

He further said," RBI should also examine the possibility of Investments by way of Special Bonds against the security of such treasures-to be deployed under the close supervision of RBI and Government of India."

ASSOCHAM says "ways and means" be explored to utilize the treasures like 'Travancore Temple Treasure' for the good of the Indian Economy without affecting the question of ownership, trusteeship or primary beneficiaries within the existing legal framework. However, if need be, drafting of a fresh acceptable and viable model to address the issues so that such huge treasures lying idle and unused could be brought into the system.

Read more about: assocham
Story first published: Saturday, December 15, 2012, 10:30 [IST]
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