TTD HANDS OVER 498 KGS OF GOLD TO IOB
Tirupati, 23 Dec 2011(P.R.O) The Tirumala Tirupati Devasthanam today handed over 493.702 kg of gold ornaments donated by the devotees of Lord Venkateswara to the Indian Overseas Bank for purpose of conversion into gold bars.
At a function chaired by the Financial Advisor of the TTD Sri L Bhaskar Reddy, the gold was handed over to the IOB General Manager Sri. T S Srinivasan as per the agreement for conversion the Temple gold receipts.
Sri Bhaskar Reddy said as per estimation the IOB will have 338 kgs of pure gold after melting and purification processes at Government mint at Mumbai and retain the same in the form of gold bars in the bank lockers.
He said besides bearing the entire cost of transportation, melting and minting into gold bars, the IOB will also pay an interest of 1.61 percent on the total gold value which in aggregate form at the end of five years will be worth 27.5 kgs of gold.
The TTD has so far deposited 1353 kgs of gold with the IOB as part of its scheme to convert the gold ornaments donated by devotes, which were not required for temple use in decorations etc to be preserved in banks as gold reserve.
Among others the Additional financial adviser Sri. O.Balaji, and Chief Vigilance and Security Officer Sri M K Singh and other officials of the Treasury participated in the event.