Tirupati Temple Body Seeks Amendments to GMS

New Delhi: The Tirumala Tirupati Devasthanam, which manages the Sri Venkateswara Temple at Tirumala, wants the central government to make some amendments in the Gold Monetisation Scheme (GMS) so that it can invest its huge gold reserves.

The investment committee of the TTD, which met here on Saturday, felt that the amendments should be made “for at least charitable and religious institutions, respecting the sentiments of devotees, keeping the main corpus intact”.

The committee has suggested a high-level meeting with senior officers of the central government. The high-level meeting may take place either in January or during the first week of February.

The short term deposit under the GMS is similar to the present gold deposit scheme which is being followed by the TTD.

“As the existing rate of interest offered by banks is very less, the committee has suggested to request the banks on rate of interest for gold deposit which is closure to medium term and long term deposits, after negotiating with them,” said a statement issued on Saturday.

As the scheme has not received good response, the government has high expectations from the TTD, which has gold reserves of about 5,500 tonnes.

The TTD earns 1 to 1.5 percent interest per annum on its gold deposited with nationalized banks. It hopes to bargain for higher rate under the scheme.

The TTD currently earns about 80 kg of gold per annum as interest but under the GMS, this may go up to 120 kg.