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  • Category: Miscellaneous
    Points:5

      

    What were the ancient Indian savings practices?

    With the improvised banking systems and online monetary transactions in place, we are still not sure of savings due to advanced cyber crimes. I always wonder how the ancient Indian banking system or monetary transactions worked well and they used to save in a planned way by investing their amounts in Gold and Land, what we call real estate business today. Even for our acquired land, there is no guarantee today due to land grabbers. I understand that those people who purchased plots under BDA at Bangalore couldn't get their own land/plot even after paying in full and the three successive governments have not helped them to date. Such is the scenario today and it is a million dollar question, how many people inherit the ancestral property without any hindrance.

    What makes the difference and how was the ancient Indian savings monitored?
  • #781289

    Points:5
    Those days, money in circulation was very limited and many people were striving hard to earn their livelihood. Many people never had a bank account also. Even government officers were getting their salaries in cash. There were very limited savings that they may be keeping in a savings bank account in a bank. Those days there were no private banks. Those days people were trying to purchase agricultural land or Gold with the money they had.
    Those days these technological developments were not there and people used to have faith in other people. People were not deceiving others. So they used to invest in land.
    Now people have a lot of money and they always think of how to increase their wealth and they try all sorts of methods and in that process, some may be losing heavily also. As mentioned by the author, even in Hyderabad also we are not sure whether the land we have purchased is legally valid or not. That is why sometimes I think it is better to sell all the immovable property and keep that money in a bank in an FD is a safe way so that our next generation is sure of receiving that amount.
    drrao
    always confident

  • #781294

    Points:5
    Chaanakya's "Arthashaasra" is a known ancient treatise on money, wealth and other related matters on governance.

    That gives very clear formulae and guidance on income, expense, savings , tax and charity.

    In our families we are taught by elders about dharmic earning, conserving income, spending prudently and then saving and also on donations and charity. So for most of us it is almost inbuilt in our character.

    I am one who is a staunch believer and practice savings habit and had written on almost related contexts in ISC forum also.
    That is why I felt a bit afraid about the latest Indian Union Government Budget is discouraging savings. It indirectly encourages spending and splashing even by borrowing. That is not traditional wise Indian economy, It is a western economic theory of those who want to exploit other's income and wealth for their use.

    It was the traditionally Indian wisdom of prudent spending and saving that helped us survive without much damage some previous recessions in world economy. Now that our economy is open and integrated with world economy, we will easily be impacted by any external shocks .Those times it will be only our household and individual savings that will help us. The Covid situation is on very recent example.

  • #781304

    Points:2
    In ancient times gold was the main item with which people were able to do any big financial transaction. Then for small things barter system worked well.
    Many people saved materials as wealth due to lack of a currency or availability of currency in a limited way.
    Thoughts exchanged is knowledge gained.

  • #781317

    Points:5
    The old days were the most enjoyable days for many people since they had contentment in themselves. The environment in those days was very encouraging since people had absolute faith in others and hence no question of being deceived.
    The property owned by the people was safe and no one could snatch by any means. Possession of a property was possible by the exchange process with the investment of Gold and hence this yellow material occupied its importance in the lives of the people. The people had limited access to the Banks for money - transactions. Even the circulation of money was limited in those days.
    However, we could see a lot of changes with the progress of time. Bank transactions and other digital payments followed later. However such developments did not create an environment of happiness in people. I think the way of thinking of people has changed substantially depriving them of getting real pleasure.

  • #781321

    Points:4
    Ancient people usually stored gold and silver as their savings because during those days such precious metals had more value than anything else. The next most valuable things during those days was food because without it you can't survive. People stored grains for emergencies and had enough livestocks to feed them well during crisis. It was not like today's world where people can buy anything with the power of money. There were no banks or financial institutions during those days that's why people had to save precious metals like gold and silver.
    Humble yourself or life will do it for you!

  • #781327

    Points:2
    What I understand is that in earlier times when coins or currency was not invented people used various types of materials for trading with each other. In Tibetan area the local people went out with herbs and other materials and fetched many other items by exchanging them.
    After the coin or currency came in use people arted to save in that mode.
    Knowledge is power.

  • #781398

    Points:5
    Besides money circulation less in those days, people also normally think twice before making a payment. They did expenses very economically. Unnecessary outside food expenses was totally avoided in those days. The hotel going was considered as an entertainment but nowadays the total people are dependents of Hotels either directly or through Swiggy/Zomato services.
    Moreover in those days the expenses were made by a single person in the house. This makes others hesitate to ask the person-in-charge and thereby the expenses if found lavish or secondary was avoided.
    Curtailing expenses itself was considered as a savings in those days.
    Above all children were practiced to use Hundis in houses in order to encourage savings and thereby the children were less addicted to outside junk foods or other food etc.,

  • #781596

    Points:4
    While concrete financial records from ancient India are scarce, we can glean insights into their savings practices from religious texts, historical accounts, and cultural practices.

    Gold and Jewelry: Considered a store of value, gold and jewelry were popular savings instruments. It was not just about wealth accumulation but also served as a form of insurance against unforeseen circumstances.
    Land Ownership: Land was a significant asset. It provided sustenance and could be rented out or sold for income.
    Don't stand in someone else's shadow when it's your sunlight that should lead the way

  • #781597

    Points:3
    Our forefathers were in the habit of acquiring lands if the situation permitted. Their food - style was simple and whatever they could save in terms of coins, they kept them aside for the future - needs. Their purpose was either to purchase land or provide higher education to their kids.
    Since they were cautious regarding the use of money, they accumulated money because of their simple living. The lands acquired by them were the main strength of their children at the later stage.

  • #781621

    Points:5
    Jagdish Patro Sir has raised an excellent topic for discussion. I missed it earlier. As a person interested in History, especially in Indian History, I studied about it earlier. I am trying to share what I studied.

    Ancient Indian savings practices were deeply rooted in community and cultural traditions. Ancient Indians used to save wealth in the form of gold, silver and jewelry, which were passed down to generations. Grain savings were common, stored in earthen granaries for future use. The concept of 'bhandar' (community-saving) was prevalent, where villagers contributed to a common fund for emergencies or for festivals. Shells (known as 'kari') and later coins were also used as savings. Barter system allowed ancient Indian people to store value in goods, like cattles or grains. Temples served as repositories for valuable wealth.

    But these ancient Indian concepts were drastically changed with the repeated invasions of barbarians from the North-West.
    Billo Rani kahon to abhi jaan de doon: Oh dear Billo, if you ask, I will give my life


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