TTD seeks golden interest for gold deposits

The Tirumala Tirupathi Devasthanams is demanding the interest under the gold demonetisation scheme also in the form of gold. Such a plan is expected to make the plan more attractive for the temples all over the country, as they are sitting on tonnes of gold. D. Sambasiva Rao, TTD Executive Officer, was quoted on Wednesday as saying that the Devasthanams had requested the banks to pay back the interest in gold under the gold monetisation scheme. The TTD's decision is crucial for the plan since it has a hoard of seven tonnes of gold worth $277 million. The Indian temples are reluctant to part with their gold because of its sacred nature. Sambasiva Rao said this gold-for-gold plan should be for gold deposits for 5 to 15 years duration. India is second major gold market after China and imports accounted for a quarter of India's trade deficit in the last fiancial year. The Narendra Modi government last year launched the scheme in order to curb gold imports and to encourage recycling for gold stashed with individuals, institutions and temples.