The Tirumala Tirupati Devasthanam (TTD), which manages the world's richest Hindu temple of Sri Venkateswara, may move all of its 7.5 tonne of stashed gold to the Gold Monetisation Scheme (GMS), launched last year.
The TTD, which recently said it moved over 1.3 tonnes of yellow metal to Punjab National Bank under the scheme, also requested the government to tweak some rules to enable it to move its entire holding of gold under the scheme.
“We have roughly 7.5 tonne gold and most of it is kept in various banks under different schemes. The entire gold may be shifted to GMS as and when it matures,“ TTD executive officer D Sambasiva Rao told reporters.
The GMS 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 term, the principal can be paid in gold or cash while the interest of 2.5% will be paid in cash only. The TTD official said they have made a request to the government to pay the interest in gold.“We requested them to return the principal in gold. They have agreed to that. But the interest will be calculated on gold at the time of deposit not at the time of return. We have asked them to change that condition also,“ said Rao. He said TTD receives 800-1,000 kg gold as donations every year.
The TTD, which recently said it moved over 1.3 tonnes of yellow metal to Punjab National Bank under the scheme, also requested the government to tweak some rules to enable it to move its entire holding of gold under the scheme.
“We have roughly 7.5 tonne gold and most of it is kept in various banks under different schemes. The entire gold may be shifted to GMS as and when it matures,“ TTD executive officer D Sambasiva Rao told reporters.
The GMS 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 term, the principal can be paid in gold or cash while the interest of 2.5% will be paid in cash only. The TTD official said they have made a request to the government to pay the interest in gold.“We requested them to return the principal in gold. They have agreed to that. But the interest will be calculated on gold at the time of deposit not at the time of return. We have asked them to change that condition also,“ said Rao. He said TTD receives 800-1,000 kg gold as donations every year.
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