TTD has nothing to hide in gold release from PNB

Tirupati: The seizure of 1,381-kg of gold that belongs to Tirumala Tirupati Devasthanams (TTD), by the poll squad in Chennai on April 17, has kicked-off a controversy and created a storm in social media, indicating something suspicious on the part of TTD in the whole episode. Several Hindu activists and politicos even took to the streets and social media to place certain demands before the government to launch a probe into the episode by either the CBI or a sitting judge.

With series of allegations, the temple administration got bad publicity, forcing it into a situation of giving explanation on the entire episode. However, when DC dwelt on the episode, it learnt that TTD seems to have followed proper guidelines in the release of its gold deposits from Punjab National bank (PNB).

The background of the episode was that TTD had deposited 1,311-kg of gold with PNB on April 17, 2016, for a period of three years under the short-term gold monetization scheme introduced by the Central government. The interest was fixed at 1.75 per cent and it has to be paid in the form of gold by the bank on maturity.

“With the deposit maturing on April 19 this year, the financial sub-committee from the TTD trust board met on March 20 and decided to withdraw the gold deposits from PNB.  The decision was taken after the sub-committee opined to explore other schemes of gold deposits, which would benefit the institution”, TTD EO Anil Kumar Singhal told DC.

“After the Sub-committee submitted its written suggestions, I have sent a communication to PNB on March 27, seeking the return of the gold at TTDs treasury in administrative building in Tirupati. Under the agreement, the gold has to be reached to the TTDs treasury on or before April 18 and the bank should take entire responsibility on returning the gold”, the EO said.

Unfortunately, the election squad led by S. Chellapandi, who was on duty near Puduchatram village on Chennai-Tiruvallur highway, had seized the gold, which was being transported to TTDs treasury on April 17. The poll squad, which intercepted the three vehicles armed with 10 guards, found 56 boxes containing nearly 22 kg gold in two of the vehicles. After the gold seizure, utter confusion prevailed when some of the TTD officials refused to confirm whether the gold belonged to the TTD or not.

However, it was learnt that when TTD sought the PNB to return the gold, the bank was said to have placed an order to procure 1,381-kg of gold from ANZ bank in Zurich of Switzerland and also roped in the services of “Sequel Logistics”, a leading service provider with global presence in the field of critical logistics to cover the aspects of customs clearance, security and transportation.

 ‘Sequel logistics’ then transported the gold from Switzerland to Chennai, where the customs clearance was also done after submitting necessary tax receipts and authenticity letters, etc. It was said that the logistics handler also given prior intimation to the Election Commission about the transportation of gold and relevant documents of clearance were also sent to the respective district administrations to avoid any trouble while transporting the gold to Tirupati via Chennai, Tiruvallur and Tiruttani in Tamil Nadu.

 But, the poll squad officials, who found themselves in a fix after seeing such huge amount of gold, had seized the gold to avoid unnecessary risks. They released the gold only after receiving the release orders from their higher officials, said sources.

Meanwhile, as per the agreement laid down between the TTD and PNB, the responsibility of safeguarding the gold and returning it lays with the bank until it reaches the TTD treasury.

“Following the guidelines of Medium Term and Long Term deposits given by Government of India (GoI), we have deposited our gold in the respective banks. The GoI is giving 1.5% on handling charges and 1% commission to banks. The handling charges are towards the gold purity testing, refining, transportation, storage and other costs being incurred by banks. Hence it is clear that the total
responsibility of handing over of gold to TTD in Treasury at Administration Building, Tirupati lies purely on PNB as per guidelines”, TTD EO Mr. Anil Kumar Singhal clarified.