The Tirumala Tirupathi Devasthanam (TTD) is considered the richest temple in the country. And it is about to become more richer.
With Prime Minister Narendra Modi launching the gold monetization scheme, the investment committee of TTD, will meet to decide on investing its huge reserves of gold in the Central government's new scheme. In which case, the scheme will hit a gold mine and the TTD would emerge as the single largest depositor of gold in the gold monetisation scheme.
The TTD's investment would also provide the scheme the much-needed glitter. Although, the scheme was launched three weeks ago it has so far attracted only 400 grams out of a national hoard estimated at 20,000 tonnes.
The TTD deposits 5.5 tonnes of gold in nationalised banks but in return, earns only 1 to 1.5 per cent annually, earning it about 80 kgs of gold per annum as interest. Now the Central government's high rate of interest of 2.5 per cent has got the attention of the TTD.
Till last year, the TTD held gold deposits of 4,500 kgs and in recent times it deposited another 1,000 kgs, taking the overall gold reserves to 5,500 kgs. With the higher interest the TTD is likely to earn close to 120 kgs of gold per annum.