Soon after becoming the Metropolitan Mar Thoma VII continued to discuss with Col. Macaulay, the British resident, and the church decided to deposit as loan in perpetuity a sum of 3000 Poovarahan (Market value of a poovarahan, known as Star Pagoda had a market value of Rs 3.50 in 2002). The deposit was handed over to Col. Maccaulay on 1 December 1808 and he issued the receipt. The agreement stipulated that interest should be paid to the Malankara Metropolitan. This deposit is now known as "Vattipanam".