NELLORE: Tirumala Tirupati Devasthanams (TTD) on Saturday refuted reports on social media that it is planning to invest the devasthanam funds in Government of India or AP government securities.
In a white paper, the TTD asserted that the present trust board has strengthened its investment guidelines from 2019.
Describing the social media posts as “absolutely false and incorrect”, the devasthanam said:
“Devotees of Lord Venkateswara and public at large may kindly note that neither TTD Board nor Government of Andhra Pradesh has directed the devasthanam to invest any amount in government securities of Andhra Pradesh. Investments are made transparently (and) in banks.”
According to the white paper, as per provisions of TTD Rules, surplus amounts of the devasthanam are invested only in scheduled banks at H1 rate of interest. TTD invites quotations from eligible scheduled banks / institutions as per the investment guidelines and procedures approved by TTD Board.
Further, in respect of private sector banks, investments have to be approved by the state government or the banks should have the highest credit rating, so as to be eligible to call for quotations.
Banks, which form part of RBI's Prompt Corrective Action (PCA) process, are not invited to participate in the quotations, the white paper clarified.
According to it, bank-wise investments of Tirumala Tirupati Devasthanams had been ₹13,025.09 crore as on June 30, 2019 and ₹15,938.68 on September 20, 2022.
TTD’s gold deposits in State Bank of India as of June 30, 2019 had been 5,387.56 kg and 9,819.38 kg as on September 30, 2022. Similarly, 1,952.18 kg of gold had been deposited in Indian Overseas Bank as on June 30, 2019. It is 438.99 kg as on September 30, 2022.
The white paper said gold offerings received through Srivari Hundi are being sent to India Government Mint for melting, refining and investment under Gold Monetisation Scheme in long-term gold deposits of 12 years.
Donations collected by banks on behalf of the trust are being invested with the same banks as per their existing rate of interest.
Coins collected in Parakamani are also being invested with the same banks as per the existing rate of interest (without insisting on rating), since disposal of coins is a herculean task for TTD or banks.
