TTD investment committee discusses gold monetisation scheme

A meeting of a key committee of cash-rich Lord Venkateswara temple today suggested holding talks with high-level central officials over the government's gold monetisation scheme before taking a decision on its participation.
The Investment Committee of Tirumala Tirupati Devasthanams (TTD), which met and discussed about depositing its gold under the scheme, suggested that the TTD go for a high-level meeting with the financial officers at the central government level.
The meeting was likely to take place either by the end of January or during the first week of February, a TTD release said tonight.
The investment committee members who attended the meeting included former Vigilance Commissioner Ranjana Kumar, former RBI deputy governor V Kamesam and former IDBI Director Narasimha Murthy, the release said.

TTD with an annual budget of Rs 2,600 crore was holding more than five tonnes of accumulated gold offerings, made in the 'hundi' by millions of devotees over the years, an official said.
It would take a final decision on participating in the gold monetisation scheme after the high-level meeting, the official added.
The government has launched the scheme aimed at monetising gold worth an estimated USD one trillion lying idle, but questions have been raised by many temples about 'melting' of the ornaments donated by the devotees in view of religious sentiments involved.