Gold Deposits back in flavor - TTD deposits 1,800 kg gold offerings with SBI

-
           
          
  TTD ( Tirumula Tirupati  Devasthanams) is the official Board which manages the activities in the India’s richest temple i.e Lord Sri Venkatewara(also called Lord Srinivasa) temple on the Tirumala hillock.

            There is a never ending stream of visitors to seek the Lord’s blessings. eDarshans are available but majority of the pilgrims prefer to soak in the religious atmosphere on the hillock.

            Traditionally, on fulfillment of vows pilgrims make their offerings at the temple hundi. Over the years, the rich and mighty prefer to offer GOLD to the Lord.

            To safeguard the gold, periodically the Gold is deposited with Banks. After a gap of two years, the TTD made a whopping 1,800 kg of gold was deposited with State Bank of India.

            With this 1,800 kg gold deposits, the gold deposits with various banks has crossed 5,000kgs.

The gold offered by devotees in the hill temple hundi was deposited under SBI Gold Scheme for a period of five years at the rate of interest of one per cent, which effectively would mean addition of 12 kg of gold per year.

In a mega publicity program, the gold was handed  over by Executive officer of the Tirumala Tirupati Devasthanam (TTD) M G Gopal handed over the gold to State Bank of India (SBI) Chairperson Arundhati Bhattacharya at the TTD Headquarters.

The deposited gold will be taken to Government Mint at Mumbai by SBI by incurring transportation charges, transit insurance, melting and refining charges and pure gold of 0.995 purity is taken as gold deposit.

            The interest on gold deposit was likely to fetch TTD around 12 kg of pure gold every year, netting a total of around 60 kgs in the five year period, temple sources said.

Since 2010, on maturity of gold deposits, TTD has been converting the interest earned also into gold which would again be kept as deposits, they said.

Excluding today’s deposit, TTD was having around 4,335 kg of pure gold under gold deposits with the SBI, Corporation Bank and Indian Overseas Bank.


These gold deposits earn an interest of 70 kg of pure gold approximately every year to the TTD coffers.

Comments

  1. zulAugust 3, 2014 at 4:15 AM

    Reporters contact this BOC, support services explained, today gold may be totally stopped period exchange companies, on the internet bank, this counter cannot be taken care of, and today contains the history program answer, retrieval occasion isn't but identified.online banking

    ReplyDelete

Post a Comment

Popular posts from this blog

CERTIFICATE EXAMINATION IN INTERNATIONAL TRADE FINANCE

-
Image
          This certification is essential for all members of a Bank Trade Finance Department.   The syllabus covers key aspects required by team members to effectively discharge their duties. Trade Finance is one of the traditional forms of bank finance in India. In view of reforms and liberalisation, this has gained a new significance.   Many of the practices in trade finance have evolved over a period of time and some are guided by Ministry of Commerce and Reserve Bank of India, besides WTO and International Chamber of Commerce through UCPDC 600. With the increase in the volume of trade both domestically and internationally, there is a need for trade finance professionals from banks as well as corporates. The Objectives of this IIBF Examination is as under:   (i) To provide candidates with competencies required to function as trade finance practitioners. (ii) To enable candidates to possess the ...
Read more

IIBF-Certificate Examination in Foreign Exchange Facilities for Individuals

-
          The primary objective this IIBF course is to make the branch officials familiar with the FEMA provisions that impact their day to day functioning at the branch level.     This exam is being introduced pursuant to the recommendation of a committee of RBI.           Normally foreign exchange transactions pertaining to individuals are handled at branches only and are not referred to specialised forex cells.           The course covers ‘Foreign Exchange Facilities for individuals under FEMA1999’ RBIs FAQs’ on Forex Facilities for Residents (Individuals) (updated up to November 21, 2014) For full details refer to Reserve Bank of India website: Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Un...
Read more

IIBF introduces Self-Paced E-learning courses (SPeL) for its two certificates

-
Image
          Indian Institute of Banking Finance (IIBF) has taken a quantum leap in disseminating knowledge to its members and non-members.           IIBF in April 2019, introduced the Self-Paced E-learning courses (SPeL) concept for banking enthusiasts to be familiar with banking concepts.           In the first stage, IIBF has launched   two certificate courses i.e 1. Digital Banking and 2. Ethics in Banking.           The objective of this self-paced e-learning mode are as follows: • Participants can make the best use of his or her time, in order to meet his or her learning objectives. • Participants can access the course   anywhere/anytime with an internet connection. • Participants need not travel to give their examinations. It saves time and money of the participants. ...
Read more