Tirupati temple owns over 10 tonnes gold, $194m in cash

The Tirumala Tirupati Devasthanams (TTD) on Saturday released a white paper and declared the list of assets including FD (Fixed Deposit) and gold deposits.

The TTD declared that the present trust board has strengthened its investment guidelines since 2019, reports NDTV.

The trust also denied social media reports that the TTD chairman and the board had decided to invest surplus funds in the securities of the Andhra Pradesh government. The trust says the surplus amounts are invested in scheduled banks.

The temple trust said that it has 10.3 tonnes of gold deposits in national banks worth more than ₹5,300 ($65.65 million) crore and cash deposit of ₹15,938 crore ($193.94 million).

TTD’s investments in the form of fixed deposits in various banks in 2019 was 13,025 crore ($158.88 million), which has now increased to ₹15,938 crores ($193.94 million). In the last three years, the investment increased by 2,900 crores ($35.37 million).

According to bank-wise investment shared by the trust, TTD has 7339.74 tons of gold deposit in 2019 and 2.9 tons were added in the last three years.

TTD said as per TTD Rules, it had invested in scheduled Banks at the H1 rate of interest only.

The income made by the temple comes from donations by the devotees, businesses and institutions.

TTD was established in 1932 as a result of the TTD Act of 1932. According to the act administration of the temple was vested in a committee of seven members and overseen by a paid commissioner appointed by the Madras Government. Advising the committee were two advisory councils – one composed of priests and temple administrators to aid the committee with the operations of the Tirumala temple, and another composed of farmers for advice on Tirumala’s land and estate transactions. The Andhra Pradesh Charitable and Hindu Religious Institution and Endowments Act (1969), sections 85 to 91, expanded the provisions of TTD.

The number of trustees was expanded from five to eleven with compulsory representation from certain communities. Apart from the responsibilities defined in the previous act, Devasthanam was obliged to promote the study of Indian languages and propagate Hindu Dharma by research, teaching, training and literature creation.