Hare Krishna to All devotees,
PAMHO and AGTSP
Dear Devotees, can you please guide me on share market trading and money lending? I am doing job in Kuwait and do investment in share market and money lending business in India; I charge interest @6% for every 100 INR.
My question is, are these activity against four regulative principles? What else can be done to increase wealth without affecting Bhakti?
Waiting for your guidance
Your servant,
Atul Sharma
Replies
yes gold and silver are the safest investments and neither illegal in any way. people buy gold in Diwali, Gudi padwa and other festivals. so commodity mkts no problems as far as these two items are considered.
my question to you is what do you do if any one doesn't pay back the money they have borrowed from you?
Hare Krishna,
Dandavat Pranam to All devotees ,
Hare Krishna again to those devotees who had spent their valuable time for replying my query.I have retrieve my money from share market & stop lending business too.
I would like to know your view/advice on commodity market trading , so far as I know it is pure business on buy & sell principle. Please advice me!!
Hare Krishna
Hare Krishna,
Atulprabhu,
Again Commodity market trading is purely a speculative activity for financial gain.
This question is directly answered by Srila Prabhupada himself in his purport to Srimad Bhagavatam.
"Gambling of all description, even speculative business enterprise, is considered to be degrading, and when gambling is encouraged in the state, there is a complete disappearance of truthfulness." SB 1.17.38
Srila Prabhupada uses the word - speculative business enterprise.
You can use stock market for long term investment (portfolio) not for daily trading.
Money lending at 06% interest rate is also violating principle.
So, better you can be a angel investor (invest on startup companies)
Thank you for your insightful answer Prabhuji!
I'm trying to understand why investing in startup companies is not a speculative task!?
Hare KRsna Prabhuji,
PAMHO.
Maybe you can contact HG Anand Vrindavan Das prabhuji, a senior devotee who has been in the stock market as well as devotee all his adult life. He is an advanced devotee who is near retirement now and has given lectures and interviews on this topic extensively - how to stay in stock market and still be KRsna Consious.
Haribol,
Your servant,
Radha Rasamayi DD
Stock market is risky and also is gambling.
Money lending at 6% per month is sinful and will ruin you and your family.
It is intoxicating when we make so much money that we have not seen in our life.
In reality its not so much money. Let me ask you a question, what would it take to give up one of your eyes?
How about one of your hand or leg?
Would you do it for 1 million dollars? Chances are no.
If you take into account of all of the things you got, hands, legs, etc, it will add up to a billion dollars.
Krishna has given it to you for free.
Use it in serving the lord 100%.
Listen to the lecture:
https://old.prabhupadavani.org/main/AFP/Walks/MW087.html
Hare Krsna
This question is directly answered by Srila Prabhupada himself in his purport to Srimad Bhagavatam.
"Gambling of all description, even speculative business enterprise, is considered to be degrading, and when gambling is encouraged in the state, there is a complete disappearance of truthfulness." SB 1.17.38
Srila Prabhupada uses the word - speculative business enterprise.
Trading on stock market is purely a speculative activity for financial gain.
Lending money on interest is not a speculative activity.
Hare Krsna
Hare krishna!
Stock market is indirectly against 4 principles.
stock market is directly in contradiction with the basic ethos of Varnaashrama dharma.
If individual devotee can invest in share market, why should not the iskcon temples,trust invest their donation money ?
(Temples,trust have more expert financial professionals than individual devotee like u.)
furthermore, the stock market plays a central role in animal slaughtering bcoz it strongly supports capitalism.
and this capitalism is also against Varnaashrama dharma.
Companies Listed in stock market:-
- Companies engaged in animals slaughter business/meat products (India ranks 2 in beef export after Brazil)
- Leather companies (20 companies out of 200 companies listed in indian stock exchanges)
- stocks of Adult entertainment industry
- stocks of Liqour industry/intoxicant products (like ITC, vijay mallya led UB holdings)
actually there is very few pious companies in stock exchange.
One more thing,stock Insider trading is very common illicit fraud practice in countries like India.
As far as i can see, Everyone is participating in animal slaughtering knowingly/unknowingly & directly and indirectly.
Agriculture,Economy,religion, & politics are deeply inter-related and influence each other.
Those who say Economy,profession AND RELIGION is unrelated area , is certainly not very intelligent person.
Varna-Ashrama based society is progression of socialist economy.
Krishna consciousness (Farm community development projects) will be more successful in socialist economy like Russia,china,Cuba etc. from 'economy point of view' in long run.
However in capitalist economy led by stock market , iskcon farm community (Varna-Ashrama based society) would struggle to survive in long run financially.
So think before throwing your money in stock market directly or ''indirectly''(via lending/borrowing).
Hare Krsna Prabhuji,
PAMHO.
First of all, my apologies fro delay in replying. I was a little busy last week and this week, there were some connectivity issues. I saw your post last week, but missed replying to it this week.
Money lending is not bad - you can continue to do that and charge interest. It is an arm's length transaction.
Dabbling in stock market - there are 2 kinds of people who put their money in stock market - one is the investor and the other is the speculator. Invester is one who understands the money market and could be a bull player or a bear player. Speculator on the other hand, is merely putting in money based on the buzz in the market and his own speculation. The first type - investor is the professional for whom the profession is to invest money in the market. That is allowed.
The second type - speculator - that is doubtful. One should not invest for what is called faatka - speculation. One should study the financials of the company being invested in, the trend of the sector the company is in and only then invest.
In any case, whatever money one earns from either money lending or stock market - some amount shoudl be donated for Krsna Conscious purposes. Please remember that whatever we earn is not for ourselves. Our society has an inbuilt system of sharing and donation which we should understand and donate.
This is my limited knowledge prabhuji.
Haribol,
Your servant,
Radha Rasamayi DD
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