Tirupati temple body seeks amendments to gold monetisation scheme

Tirupati, Dec 26 (IANS) The Tirumala Tirupati Devasthanam, which manages the Sri Venkateswara Temple at Tirumala, wants the central government to make some amendments in the Gold Monetisation Scheme so that it can invest its huge gold reserves.

The investment committee of the TTD, which met here on Saturday, felt that the amendments should be made “for at least charitable and religious institutions, respecting the sentiments of devotees, keeping the main corpus intact”.

The committee has suggested a high-level meeting with senior officers of the central government.

The high-level meeting may take place either in January or during the first week of February.

The short term deposits under the Gold Monetisation Scheme is similar to the present gold deposit scheme which is being followed by the TTD.

“As the existing rate of interest offered by banks is very less, the committee has suggested to request the banks on rate of interest for gold deposit which is closure to medium term and long term deposits, after negotiating with them,” said a statement issued on Saturday.

As the scheme has not received good response, the government has high expectations from the TTD, which has gold reserves of about 5,500 tonnes.

The TTD earns 1 to 1.5 percent interest per annum on its gold deposited with nationalised banks. It hopes to bargain for higher rate under the scheme.

The TTD currently earns about 80 kg of gold per annum as interest but under the Gold Monetisation Scheme, this may go up to 120 kg.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here