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
April 25,2020

Kalaburagi, Apr 25: In order to make people aware about the precautionary steps required to be taken in order to contain the spread of coronavirus, Muslim clerics here are making announcements from mosques after 'Azaan' urging people to follow the government guidelines to keep infection at bay.

Speaking to news agency, Ateeq Ur Rahman Ashrafi, All India Imams Council Karnataka's state president, said, "Under our council, there are around 80 mosques and after Azaan we are spreading awareness about COVID-19. I also appeal to other mosques to make such announcements and follow government guidelines."

This year, due to the spread of the virus, Muslim clerics have requested people to offer prayers inside their homes and avoid any kind of social gathering.

The country is under lockdown till May 3. All religious places including mosques have been closed to stop the transmission of the highly contagious virus.

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coastaldigest.com news network
July 17,2020

Mangaluru, July 17: For the first time, Dakshina Kannada saw over 3,00 new coronavirus cases in a single day. The coastal district today recorded 311 positive cases. 

The number of active cases in the district is 1,725 while its overall tally stands at 3,074.

Out of the 26,242 samples tested so far, 23,168 were tested negative. 

As many as 1,278 people were discharged after fully recovering so far including 115 people who were discharged today.

The district also recorded deaths of 8 covid-19 patients in past 24 hours including a woman. The deceased are aged between 53 years and 78 years. 

With this the total number of deaths in the district mounted to 71 including 12 patients from other districts who were admitted in hospitals here. 

Meanwhile, Karnataka reported 3,693 fresh cases in the last 24 hours, which raised the virus case count to 55,115. The number of recoveries reached 20,757, including 1,028 on Friday.

At 115 fatalities, the state witnessed its biggest single-day jump. Bengaluru accounted for 75 of these 115 deaths. The number of active cases in the state are 33,205, including 508 patients who are in ICU. The state's death toll reached 1,147 while that of Bengaluru stands at 582.

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Ram Puniyani
January 14,2020

In the beginning of January 2020 two very disturbing events were reported from Pakistan. One was the attack on Nankana Sahib, the holy shrine where Sant Guru Nanak was born. While one report said that the place has been desecrated, the other stated that it was a fight between two Muslim groups. Prime Minister of Pakistan Imran Khan condemned the incident and the main accused Imran Chisti was arrested. The matter related to abduction and conversion of a Sikh girl Jagjit Kaur, daughter of Pathi (One who reads Holy Guru Granth Sahib in Gurudwara) of the Gurudwara. In another incident one Sikh youth Ravinder Singh, who was out on shopping for his marriage, was shot dead in Peshawar.

While these condemnable attacks took place on the Sikh minority in Pakistan, BJP was quick enough to jump to state that it is events like this which justify the Citizenship Amendment Act (CAA). Incidentally CAA is the Act which is discriminatory and relates to citizenship with Religion, which is not as per the norms of Indian constitution. There are constant debates and propaganda that population of Hindus has come down drastically in Pakistan and Bangla Desh. Amit Shah, the Home minister stated that in Pakistan the population of Hindus has come down from 23% at the time of partition to 3.7% at present. And in Bangla Desh it has come down from 22% to present 8%.

While not denying the fact that the religious minorities are getting a rough deal in both these countries, the figures which are presented are totally off the mark. These figures don’t take into consideration the painful migrations, which took place at the time of partition and formation of Bangla Desh later. Pakistan census figures tell a different tale. Their first census was held in 1951. As per this census the overall percentage of Non Muslim in Pakistan (East and West together) was 14.2%, of this in West Pakistan (Now Pakistan) it was 3.44 and in Eat Pakistan it was 23.2. In the census held in Pakistan 1998 it became 3.72%. As far as Bangla Desh is concerned the share of Non Muslims has gone down from 23.2 (1951) to 9.6% in 2011.

The largest minority of Pakistan is Ahmadis, (https://minorityrights.org/country/pakistan/) who are close to 4 Million and are not recognised as Muslims in Pakistan. In Bangla Desh the major migrations of Hindus from Bangla Desh took place in the backdrop of Pakistan army’s atrocities in the then East Pakistan.

As far as UN data on refugees in India it went up by 17% between 2016-2019 and largest numbers were from Tibet and Sri Lanka.  (https://www.un.org/en/development/desa/population/migration/publication…)

The state of minorities is in a way the index of strength of democracy. Most South Asian Countries have not been able to sustain democratic values properly. In Pakistan, the Republic began with Jinnah’s classic speech where secularism was to be central credo of Pakistan. This 11th August speech was in a way what the state policy should be, as per which people of all faiths are free to practice their religion. Soon enough the logic of ‘Two Nation theory” and formation of Pakistan, a separate state for Muslim took over. Army stepped in and dictatorship was to reign there intermittently. Democratic elements were suppressed and the worst came when Zia Ul Haq Islamized the state in collusion with Maulanas. The army was already a strong presence in Pakistan. The popular formulation for Pakistan was that it is ruled by three A’s, Army, America and Allah (Mullah).

Bangla Desh had a different trajectory. Its very formation was a nail in the coffin of ‘two nation theory’; that religion can be the basis of a state. Bangla Desh did begin as a secular republic but communal forces and secular forces kept struggling for their dominance and in 1988 it also became Islamic republic. At another level Myanmar, in the grip of military dictatorship, with democratic elements trying to retain their presence is also seeing a hard battle. Democracy or not, the army and Sanghas (Buddhist Sang has) are strong, in Myanmar as well. The most visible result is persecution of Rohingya Muslims.

Similar phenomenon is dominating in Sri Lanka also where Budhhist Sanghas and army have strong say in the political affairs, irrespective of which Government is ruling. Muslim and Christian minorities are a big victim there, while Tamils (Hindus, Christians etc.) suffered the biggest damage as ethnic and religious minorities. India had the best prospect of democracy, pluralism and secularism flourishing here. The secular constitution, the outcome of India’s freedom struggle, the leadership of Gandhi and Nehru did ensure the rooting of democracy and secularism in a strong way.

India so far had best democratic credentials amongst all the south Asian countries. Despite that though the population of minorities rose mainly due to poverty and illiteracy, their overall marginalisation was order of the day, it went on worsening with the rise of communal forces, with communal forces resorting to identity issues, and indulging in propaganda against minorities.

While other South Asian countries should had followed India to focus more on infrastructure and political culture of liberalism, today India is following the footsteps of Pakistan. The retrograde march of India is most visible in the issues which have dominated the political space during last few years. Issues like Ram Temple, Ghar Wapasi, Love Jihad, Beef-Cow are now finding their peak in CAA.

India’s reversal towards a polity with religion’s identity dominating the political scene was nicely presented by the late Pakistani poetess Fahmida Riaz in her poem, Tum bhi Hum Jaise Nikle (You also turned out to be like us). While trying to resist communal forces has been an arduous task, it is becoming more difficult by the day. This phenomenon has been variously called, Fundamentalism, Communalism or religious nationalism among others. Surely it has nothing to do with the religion as practiced by the great Saint and Sufi traditions of India; it resorts mainly to political mobilization by using religion as a tool.

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Ashi
 - 
Tuesday, 14 Jan 2020

If Malaysia implement similar NRC/CAA, India and China are the loser.

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