Rape accused fugitive Nithyananda, a self-styled godman launched ‘Reserve Bank of Kailasa' as the central bank of the country. Kailasa is the name of Nithyananda's nation of which he is the self-appointed 'Prime Minister'. The name of Kailasa has been in existence since November last year after the Indian agencies launched a search for Nithyananda who fled India after failing to appear in more than 50 court hearings. The rape case is pending before the 'Third Additional District and Session Court in Ramanagara, Karnataka'.

In a new video released by the godman, he said that “On Ganesh Chaturthi with the grace of Ganapati, we are going to be revealing all the absolute, complete details of the Reserve Bank of Kailaasa and the currencies… It’s all ready." Here is the video.

In the video, he can be heard saying, “The whole economic policies, 300-page document, is ready with absolute designing, currency everything, the economic strategy how we are going to be doing, internal currency usage and external world currency exchange has all been done legally."

A Facebook post said that “On the auspicious occasion of Ganesha Chaturti in KAILASA, the Reserve Bank of KAILASA offers at the feet of Ganapati, Paramashiva and Guru; the Supreme Pontiff of Hinduism, Jagatguru Mahasannidhanam, His Divine Holiness Bhagavan Nithyananda Paramashivam! KAILASA and its team of monastic members did extensive research and study of the Hindu Economic Policies covering over 100 books, 360 articles and research papers. His Divine Holiness, in the live address, ritualistically released the currencies of KAILASA.”

Reports say that Kailasa is a small island that Nithyananda purchased off the coast of Ecuador. But Ecuador has rejected the claims. According to a website www.kailaasa.org, Kailasa is an 'E-nation' with a population of 100 million "Adi Shaivites and two billion practicing Hindus". It has three languages: English, Sanskrit and Tamil. Hinduism (Santana Dharma) is it 's state religion. Kailasa also has a national flag, an emblem, a national animal (a bull considered sacred in Hindusim), and a national flower (lotus).