Tirumala Tirupati Devasthanam (TTD), the richest Hindu temple in the world, is likely to come to the rescue of Prime Minister Narendra Modi’s gold monetisation scheme.
The prime minister has recently launched this gold scheme with the intention of recycling several tonnes of idle gold to cut down on the gold imports which has been hurting the economy of India.
Now, TTD is expected to invest about 5.5 tonnes of gold under this scheme to become the biggest contributor in the country. In the next 15 days TTD is expected to take a final decision on investing in the new gold scheme.
Andhra Pradesh Finance Minister Yanamala Ramakrishnudu called Modi’s gold scheme a good one and added that the finance department has already directed the TTD to go for the scheme.
Until now, TTD has been depositing most of the gold donated by people in banks under previous monetisation schemes which offer about 1 percent interest. However, Modi’s gold scheme offers annual interest of about 2.5 percent.
