TIRUMALA: The Tirumala Tirupati Devasthanams (TTD) categorically denied social media reports that the Trust chairman and the Board had decided to invest surplus funds in Government of India bonds or Andhra Pradesh government Securities. TTD is the chief custodian of the world famous hill shrine of Lord Venkateswara in Tirumala.
Terming the reports false and incorrect, the Trust released a white paper on its investments and gold deposits that it had made between June 30, 2019 and September 30, 2022, the term of the present TTD Board and its chairman.
The TTD said as per Trust Rules, it had invested in Scheduled Banks at the H1 rate of interest. As per TTD guidelines, quotations were invited only from scheduled banks with the highest credit ratings for gold deposits.
TTD invested in 24 banks
All gold donations from Srivari Hundi were sent to the Government Mint under a 12-year long gold monetisation scheme, while all donations received in a bank were deposited in it. Coins collected under Parakamani Seva were also deposited in they were received. As on June 30, 2019, TTD has invested in 24 banks and the total amount stood at `13,024.09 crore. As on September 30, 2022, it was `15,938.68 crore. Gold has been deposited in SBI and IOB. As on June 30, 2019, the gold deposits in the two banks was 7,339.74 kg, which increased to 10,258.37 kg as on September 30, 2022.