SHIMLA // The state of Himachal Pradesh is set to allow temple trusts to turn tonnes of the gold and silver in their coffers into mementoes.
The precious metals in the treasuries of 20 government-controlled Hindu temples would be used for making souvenirs for sale, said Rakesh Kanwar, director of the Language Art and Culture Department. The practice is already in place at the Vaishno Devi shrine in Kashmir.
"But the conversion of the metals into souvenirs would be done only after its purification," said Mr Kanwar.
The government is set to sign an agreement with the public sector Mines and Minerals Trading Corp (MMTC), he said.
"An MMTC team will be in Shimla next week to finalise the nitty-gritty before signing the agreement."
In addition to souvenirs, gold coins weighing between two and 20 grams and silver coins, from 20 to 200 grams, would be minted.
The coins and the mementoes would have inscriptions of the respective temple deities. According to government estimates, more than 300 kilograms of gold and 22,500kg of silver belong to the 20 temples.
The government last year amended the Himachal Pradesh Hindu Public Religious Institutions and Charitable Endowments Act, 1984, that allowed the conversion of 50 per cent of the metal reserves in temples into mementoes.
An official said the conversion would help temples part with loads of gold and silver they have had for decades and also reduce pilferage.
"Keeping the precious metal in safe custody is a costly affair. The income from the sale of coins and mementoes will be used for temple development and social activities," said Prem Prasad Pandit, state temple administrator.
The hill state, also known as the "Land of the Gods", has 28 Hindu temples. The shrine of Mata Chintpurni in Una district is the richest.
Other rich temple trusts include those of Naina Devi in Bilaspur, Baba Balak Nath in Hamirpur, Jwalaji, Chamunda Devi and Brajeshwari Devi in Kangra, and Bhimakali and Hateshwari in Shimla.
According to the government proposal, only 50 per cent of the gold and silver in a temple would be converted into coins and mementoes.
"Of the remaining 50 per cent, 10 per cent is to be kept with the temple trust, 20 per cent will be invested in gold bonds of the State Bank of India and the remaining will be used to adorn the deities," said an official.
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The specs
Engine: 4.0-litre V8
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Transmission: 8-speed auto
Price: from Dh850,000
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