TTD likely to rescue Modi's Gold Scheme

Hyderabad, Dec 5: Tirupati Tirumala Devasthanams (TTD), which is considered to be the richest Hindu temple in the world, is expected to come to the rescue of Prime Minister Narendra Modi's pet gold monetisation scheme. Under the scheme the prime minister wants to recycle several tonnes of idle gold and cut down on the gold imports that have been hurting the Indian economy. So far, the scheme has just attracted about one kg in a month out of a total hoard of over 20,000 tonnes, sources said. Therefore, the TTD is expected to park over 5.5 tonnes of gold in the scheme to become the biggest contributor. Andhra Pradesh Finance Minister Yanamala Ramakrishnudu is believed to have said, "It's a good scheme. We have already issued a directive to the TTD to go for the scheme." So far the TTD is said to have deposited most of its gold with banks under previous monetisation schemes that offer interest of about 1 percent, revealed TTD's executive officer D. Sambasiva Rao. The new scheme offers annual interest of up to 2.5 percent. In the next 10-15 days TTD is likely to take a final decision on the issue of investing in the new gold scheme.