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Tirupati Temple offers all its gold to Modi plan

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Tirupati Temple offers all its gold to Modi plan

Hyderabad - The TTD, which said it recently moved over 1.3 tonnes of gold to Punjab National Bank under the scheme, also requested the government to tweak some rules to enable it move its entire holding of the yellow metal under the scheme.

By PTI

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Published: Sun 1 May 2016, 12:00 AM

Last updated: Sun 1 May 2016, 10:07 AM

The Tirumala Tirupati Devasthanam (TTD), which manages the Sri Venkateswara Swamy Temple in Tirupati - one of the world's richest temples - may move all of its 7.5 tonnes of stashed gold under the Indian government's gold monetisation scheme.
The TTD, which said it recently moved over 1.3 tonnes of gold to Punjab National Bank under the scheme, also requested the government to tweak some rules to enable it move its entire holding of the yellow metal under the scheme.
"We have roughly about 7.5 tonnes of gold and most of it is in the banks. Gold with the TTD is kept in various banks under different schemes. Then entire gold may be shifted to the gold monetisation scheme as and when it matures," TTD executive officer D Sambasiva Rao told reporters.
Launched by Prime Minister Narendra Modi last year, the gold monetisation scheme has three main components - short term, medium term and long term.
Under the short-term scheme, the interest is also converted as gold and paid to the investor.
In the medium and long terms, the principal can be paid in gold or cash while the interest 2.5 per cent will be paid in cash only.
The TTD official said they made a request to the government to pay the interest part in gold form.
The TTD receives about 800kg to one tonne of gold in the form of donations and offerings from devotees every year.  
 


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