While there is popular myth that this village derives its name from the local deity poulasteshwara swami, it is likely that this derivation just another instance of Sanskritization and/or Folk etymology.
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It has the traditional name Alshain from the Perso-Arabic term الشاهين aš-šāhīn "the (peregrine) falcon", perhaps by folk etymology from the Persian šāhīn tarāzū (or possibly šāhīn tara zed; see γ Aquilae), the Persian name for the asterism α, β and γ Aquilae.
"'Etymythological Othering' and the Power of 'Lexical Engineering' in Judaism, Islam and Christianity. A Socio-Philo(sopho)logical Perspective", Explorations in the Sociology of Language and Religion, edited by Tope Omoniyi and Joshua A. Fishman, Amsterdam: John Benjamins, pp.
One theory, of sufficient popularity to serve as an example of folk etymology, is that the term horse latitudes originates from when the Spanish transported horses by ship to their colonies in the West Indies and Americas.