Not investing in any govt securities, clarifies TTD

Vijayawada: The Tirumala Tirupati Devasthanams (TTD), which manages the world famous temple of Lord Venkateswara at Tirumala and other temples at various places, has witnessed an impressive increase in its deposits notwithstanding drastic fall in hundi collections due to pandemic-induced restrictions.

The trust board in a status paper stated that its deposits in scheduled banks were Rs13,025 crore as on June 30, 2019, which increased to Rs15,938 crore as on September 30, 2022 registering an increase by Rs 2,900 crore in fixed deposits in a period of three years, according to TTD Executive Officer AV Dharma Reddy.

The Tirumala temple is considered a place of worship for Hindus with highest revenue. Under the Gold Monetisation Scheme of government of India, TTD has deposited 10.25 tonne of gold as against 2.9 tonne during 2019--an increase by 2.9 tonne in a span of three years.

"The phenomenal performance was possible due to prudent fiscal management," Reddy said while stoutly denying claims in social media by what he termed 'vested interests' to tarnish the image of TTD and its management. The social media reports claimed that TTD revenue is being diverted to securities of the Government of India and the Government of AP.

TTD has made a budgetary allocation of Rs 3096 crore for 2022-23 with a projected revenue of Rs 365 crore from hundi collections. It is also building temples of Lord Venkateswara, popular as Lord Balaji in North India, in Kashmir and other parts.

In the status report, it was clarified that "the present TTD board has further strengthened the investment guidelines from 2019 onwards. The rumours spread in social media that TTD board and chairman of TTD have decided to invest funds in government of India securities or government of AP securities is absolutely false, incorrect and denied."

It said the Board believed in prudent fiscal management and they have not received any direction from AP government to invest in its securities.

The Board said as per provisions of TTD, surplus amounts are being invested in scheduled banks at H1 rate of interest only. TTD invites quotations from eligible scheduled banks/institutions as per the investment guidelines and procedures approved by the trust board. Further, in regard to private sector banks they have to be approved by the State government and should have higher credit rating so as to be eligible to call for quotations. The banks which form part of RBI's prompt corrective action process (PCA) shall not be invited to participate in the quotations.

TTD board has already resolved not to invest in Central government or State government securities and accordingly no investments are being made in securities. The report said "the gold offerings received through Srivari Hundi are being sent to the government of India Mint for melting, refining and investment under GoI Monetisation Scheme in long-term gold deposits of 12 years."

The donations collected by banks in respect of trust donations are being invested with the same banks as per their existing rate of interest. The banks that collect coins in 'Parakamani' are being invested with the same banks as per the existing rate of interest (without insisting on rating) since coin disposal is a hurricane task for TTD and to bank, the report clarified.