Three Kerala companies have more gold than Sweden, Singapore, Australia!

December 14, 2014

Kerala companiesKochi, Dec 14: Three gold loan companies in Kerala have more precious metal in their vaults than the gold reserves of some of the richest nations. Muthoot Finance, Manappuram Financeand Muthoot Fincorp jointly hold nearly 200 tonnes of gold jewellery, which is higher than the gold reserves of Singapore, Sweden or Australia.

India accounts for approximately 30% of the global demand for gold, a true-and-tested source of insurance for millions of families that have little access to other forms of social security. What is true for India is even more so for Kerala, where 2 lakh people are employed in the gold industry. The metal's fungibility makes it an ideal collateral for over-the-counter loans.

Muthoot Finance holds 116 tonnes of gold as security for its loans, Manappuram Finance has 40 tonnes and Muthoot Fincorp, 39 tonnes. The trio's combined holdings are 195 tonnes. To put things in global perspective, Singapore's gold reserves are 127 tonnes, Sweden's 126 tonnes, South Africa's 125 tonnes and Mexico's 123 tonnes.

Muthoot Finance, the largest of Kerala's gold loan companies, holds more yellow metal in its vaults than the reserves of Greece (112.4 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes).

India, according to the World Gold Council, has the 11th largest gold reserves, with 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,384 and 2,814 tonnes, respectively).

"Historically, Malayalis have excelled in financial services as an ethnic group. The size of these companies reflects their innovative skills. Gold loan business also reflects Malayalis' hunger for gold and the strong dowry system which feeds gold and gold loans," said CJ George, founder and managing director of stock broking firm Geojit BNP Paribas.

It was even better a couple of years ago. Muthoot Fincorp, which has a gold loan portfolio of Rs 8,550 crore, then had 41 tonnes of gold in its vaults. "Then, two things happened ” gold prices declined and banks became aggressive in gold loans. As gold prices declined, our business also came down slightly, reflecting on our gold holdings," said Thomas John Muthoot, chairman and managing director of Muthoot Fincorp.

Muthoot Finance is the largest gold loan NBFC with a reach of over 4,265 branches across 21 states and four Union territories. Its gold loan portfolio is Rs 21,800 crore. Manappuram Finance has 3,200 branches nationwide and 20,000 employees, with a gold loan portfolio of Rs 9,000 crore.

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News Network
May 6,2020

Dubai, May 6: The Indian nationals cleared by the UAE health authorities and found to be asymptomatic will only be allowed to fly back home in one of India's biggest ever repatriation exercises, the Indian Embassy in Abu Dhabi has said ahead of the first set of flights on Thursday.

On Monday, the Indian government announced plans to begin a phased repatriation of its citizens stranded abroad from May 7. Air India will operate 64 flights from May 7 to May 13 to bring back around 15,000 Indian nationals stranded abroad amid the COVID-19-induced lockdown, India's Civil Aviation Minister Hardeep Singh Puri said on Tuesday.

The first two special flights that will operate from Thursday to evacuate Indians stranded in the UAE due to the coronavirus pandemic will begin with applicants from Kerala, who formed the majority of the expatriates who have registered to be repatriated from here, Indian Ambassador to the UAE Pavan Kapoor has said.

"All departing passengers will have to undergo medical screening and IGM/IGG test at the departure airport and only those cleared by the UAE health authorities and found to be asymptomatic will be allowed to board the plane,” the Indian Embassy in Abu Dhabi said on Tuesday.

According to the embassy, all passengers will be required to sign an undertaking to undergo compulsory quarantine at the destination of arrival and bear the cost of the same.

“Each passenger, at the time of boarding would be handed over a safety kit containing 2 three-layered face masks, 2 pairs of gloves and pouches/small bottles of hand sanitizers. While on board the flight, the health protocol of the Ministry of Civil Aviation of India will be strictly followed,” said the embassy.

The passenger lists for the two flights on May 7 have been finalised by the Embassy / Consulate and sent to Air India Express for issue of tickets.

The Embassy / Consulate will continue conveying the details of further special flights as and when they are announced by the Government of India, over the next few days.

Less than 2,000 Indians wishing to return home from the UAE will be flown to six Indian states in the first week of India’s biggest ever repatriation exercise named Vande Bharat Mission—sans social distancing and COVID-19 tests, the Gulf News reported.

Only those cleared by the UAE health authorities and found to be asymptomatic will be allowed to board the plane.

The short-listed applicants, who were contacted by the Indian missions on Tuesday to purchase tickets for the first two flights to Kerala on Thursday, told the Gulf News that the tickets are priced around Dh 725 to Dh 750 (over Rs 15,000).

Sharjah resident Rasheed Thayyil said his 70-year-old mother Nepheeza Thottungal, who came on a visit to the UAE in February, received an email from the Indian Consulate in Dubai which quoted an airfare of around Dh725 (approx Rs 15,000), the report said.

Another applicant from Abu Dhabi Ambily Babu said she purchased a ticket at Dh 750 from Air India Express for her Abu Dhabi-Kochi flight scheduled to fly on Thursday evening, it said.

Air India Express which is set to operate the first two flights to Kerala on Thursday will operate its Boeing 737-800 aircraft, with a seating capacity of 186 economy class seats, the report added.

With nine seats reserved for isolation, only 177 passengers would be flown, it said.

The Indian expatriate community of approximately 3.42 million is reportedly the largest ethnic community in the UAE constituting roughly about 30 per cent of the country's population, according to information available on the Indian Embassy website.

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News Network
January 6,2020

Bengaluru, Jan 6: Former Governor of Karnataka T N Chaturvedi passed away on Sunday late night at a private hospital in Noida.
He was 90.

T N Chaturvedi served as of Comptroller and Auditor General of India from 1984 to 1989. He was awarded the Padma Vibhushan in 1991.

An officer of Indian Administrative Service (IAS), Chaturvedi held several key posts after retirement including Governor’s post of Karnataka and Kerala. He was the governor of Karnataka from 2002 to 2007 and held additional post of Governor of Kerala following death of then Kerala governor Sikander Bakht. He held the post from Feb 2004 to June 2004 and was replaced by newly appointed Governor.

An officer of Indian Administrative Service (IAS), Chaturvedi held several key posts after retirement including Governor’s post of Karnataka and Kerala.

Expressing grief on the demise of T N Chaturvedi Vice President M Venkaiah Naidu, in a tweet said, “T N Chaturvedi was an administrator par excellence, towering intellectual and true nationalist and he was known for his erudition, integrity and knowledge. He had an illustrious career in public life and served every role with distinction.”

Even former Union Minister Anant Kumar Hegde condoled Chaturvedi's demise. "Humble tributes to our ex-Governor of Karnataka TN Chaturvedi who passed away last evening. He was an outstanding bureaucrat who was CAG in the 90's before becoming the Governor of our state. May his soul attain Sadgati. Om Shanti Shanti Shanti!" Hegde tweeted.

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coastaldigest.com news network
June 11,2020

Mangaluru, June 11: The private flight chartered by Saudi Arabia's SAQCO Contracting Company to repatriate coastal Kannadigas stranded in the kingdom landed at Mangaluru International Airport at 1:15 am on Wednesday.

The flight with 175 passengers took off from the Dammam International Airport around 6 pm (KSA time).

SAQCO’s Directors Althaf Ullal and Basheer Sagar said that all the legal procedures were carried out smoothly before the flight took off from Dammam for Mangaluru.

The duo also informed that no staff or official of SAQCO were traveling on the chartered flight and that it was arranged only for the stranded Kannadigas. The cost of traveling, institutional quarantine, and COVID-19 tests will be borne by the SAQCO Company.

SAQCO had established a desk to finalize the list of passengers who will be traveling on the flight to Mangaluru on Wednesday. The company added priority was given to pregnant women, the senior citizens who had come to the kingdom on visit visas, people with medical emergencies, people who had lost jobs, and those who had reported deaths in their families.

Comments

Dayani Sathe
 - 
Friday, 12 Jun 2020

Great job done by SAQCO ....

Sahul Hameed /…
 - 
Thursday, 11 Jun 2020

Masha Allah, Great Job,May Allah Bless the SAQCO company owner Altaf Ullal & Basheer Sagar,. This is the lesson those who business man are in GCC countries to come forward, All business man should come front to join these humanization work.

Ahmed
 - 
Thursday, 11 Jun 2020

Ma Sha Allah Mabrook

 

Mr.Althaf Ullal,Mr.Basheer Sagar and all team members of SAQCO

 

 

May Almighty Allah accept all our good deeds.

 

Ahmed
 - 
Thursday, 11 Jun 2020

Ma Sha Allah 

Mabrook

Mr.Althaf Ullal, Mr.Basheer Sagar and team members of SAQCO 

 

May Almighty Allah accepat all our good deeds

Shailesh Bhagavandas
 - 
Thursday, 11 Jun 2020

Great job done by SAQCO, realy appreciate your concern towards society. Thank you for this great work.  

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