Raghuram Rajan was on the dot: TN temple gets over Rs 44 lakh as offering in one day

According to the secretary of Jalagandeswarar temple in Tamil Nadu, the total amount found in the hundial on Sunday was Rs 44,34,473, of which Rs 44,29,500 were in OHD notes

Raghuram Rajan was on the dot: TN temple gets over Rs 44 lakh as offering in one day

The surprise move from the government to withdraw currencies of 500 and 1,000 denominations has definitely impacted the whole country and still it continues. The entire country is queuing up to banks and ATMs to change the 'useless' money in hand. The question some of them face is where to dump the 'excess' money, which cannot be exchanged through banks or post offices as the crow flies.

Former Reserve Bank Governor Raghuram Rajan, in a lecture, had predicted the possible ways that would be practiced to make black money to white. He said "They find ways to divide up their hoard into many smaller pieces. You do find that people who haven't thought of a way to convert black to white throw it into the Hundi in some temples."

News from Jalagandeswarar temple in Vellore, Tamil Nadu, confirm that Raghuram Rajan was on the dot. On Sunday, the temple authorities were surprised to see bundles of 500 and 1,000 rupees notes as offerings in the collection box (hundial). The 'abandoned' money includes 30 bundles of Rs 1,000 denomination and 28 bundles of Rs 500 denomination, along with lesser denominations of Rs 100, Rs 50, Rs 20 and Rs 10 and coins.

According to S Suresh Kumar, Secretary of the temple, the total amount found in the hundial for the day was Rs 44,34,473. Of these, the demonetised currency notes were worth Rs 44, 29, 500. Apart from the bundles of Rs 1,000 and Rs 500, they also found 29 notes of Rs 1,000 and one Rs 500 note in the hundial, which sums to Rs 29,500 .

This is the largest offering received by Jalagandeswarar temple ever and it can be blindly assumed that the reason behind such devotion is the surgical strike by the government. People with illegal money are finding new ways to turn black into white, leaving institutions like temples to suffer.