For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Tirupati Temple Yet To Decide On Moving Stash To Gold Scheme

|

Tirumala Tirupati Devasthanams (TTD), which manages the world's richest Hindu temple of Sri Venkateswara Swamy, has not decided yet on moving its stash gold under the recently launched Gold Monetisation Scheme of the central government, a top official of the Board said.

Tirupati Temple Yet To Decide On Moving Stash To Gold Scheme
 

"We are evaluating different things. There is an existing high-level investment committee which will take a decision. Based on that, TTD will take a decision on participating in Gold Monetisation Scheme," TTD executive officer Sambasiva Rao told PTI.

He said the committee comprising retired officials from organisations such as the Reserve Bank and State Bank of India would give its decision based on which the TTD will take a decision.

Rao said currently the Devasthanams is holding about 5.5 tonnes of yellow metal in different forms. The scheme, launched by Prime Minister Narendra Modi on November 5, has received so far a lukewarm response.

Out of the 20,000 tonnes of gold worth over Rs 52 lakh crore lying idle with households and institutions, the scheme has been able to garner only 400 gm of physical gold till 18 November.

The scheme is aimed at reducing the country’s reliance on the gold imports to meet the domestic demand. When contacted, Yanamala Ramakrishnudu, Finance Minister of Andhra Pradesh, said the TTD is an independent body and does not require any "directive" from the government. "They do not need any directive from the Government.

They can take independent decision. If TTD asks our permission we will certainly give," the minister said. A senior official of the TTD said most of the gold or gold ornaments offered by devotees is kept with various banks for nominal interest.

PTI

Read more about: gold monetisation scheme
Story first published: Monday, December 7, 2015, 11:58 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more