Donation gets a modern makeover
Latest developments have seen various temples, churches and masjids becoming shareholders of companies listed on domestic exchanges. Numerous wealthy devotees are offering shares instead of donating cash and gold. Thus in the past few months more than 50 trusts of places of worship have opened demat and EEFC accounts.
Tirupati Balaji Temple, leading the list has become world’s first temple to open a Demat account to accept donations from devotees in the form of shares and securities and EEFC accounts for accepting foreign currencies. The account has been opened in the Stock Holding Corporation of India Limited (SHCIL) by the managing body of the Temple. Shree Siddhivinayak in Mumbai, Vaishno Devi Temple in Jammu and Vardhman Mahavir Temple, have also opened their doors for donations through shares.
According to the experts, the flourishing stock market and weakening of gold prices have encouraged rich devotees to offer shares to religious trusts. However, the managing trusts cannot be long-term shareholders in private companies for one can’t hold the shares of private listed companies for more than a year. Further there are no such restrictions on holding shares of public undertaking.
Interestingly the numbers involved in this case are enormously breath-taking.
According to an investigation, the donation amount received by 4 big temples of our country is around 1Lakh 32000 Crore! As per the survey an average of 8 crore is received by these temples on daily basis.
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