TDB to deposit 500kg gold in Reserve Bank, to get Rs 5 crore curiosity yearly

Express News Service

THIRUVANANTHAPURAM: The Travancore Devaswom Board (TDB) will deposit about 500kg of gold within the Reserve Bank of India’s gold monetisation scheme. The board has simply accomplished an enormous train to catalogue the inventory mendacity at numerous temples and strongrooms.

An approximate annual return of Rs 5 crore is anticipated from the deposit. The board will go forward with the plan after acquiring sanction from the High Court. “The inventorying is over and a reverification is being done now. The preliminary assessment showed that about 500kg of gold can be spared for the monetisation scheme. It does not include ornaments or items of ritualistic significance,” TDB president N Vasu instructed TNIE. 

The gold recognized for the scheme are principally valuables donated by devotees within the type of cash, ornaments and collectible figurines. The pandemic prompted extreme stress to the board, with its income — principally assortment from the 1,200-odd temples underneath its fold — declining drastically. The board now relies on authorities grants to fulfill the wage, pension and institution prices, which fall in `40-`45 lakh vary a month.

According to Vasu, the income from monetisation shall be an enormous aid however fairly inadequate to fulfill the income shortfall suffered on account of Covid. So, the board has launched into a number of steps like growing the non-temple income and rationalising the expenditure. The inventorying has helped the board get precise knowledge on the gold and silver collections, gems and different valuables.  

Board to public sale unused lamps, wares at temples

According to the board, the monetisation scheme is extra engaging to it on the safety angle slightly than the monetary side. The RBI will give an annual return for two.5% rate of interest. The monetisation was deliberate a lot earlier than Covid because it provides extra safety to the inventory, in keeping with the president.

The board has additionally initiated steps to public sale unused lamps and wares at temples. It will start after acquiring the High Court’s permission. There is a large inventory of lamps and wares mendacity idle in temples which had been donated by devotees.

INVENTORYING OVER

1,200-odd temples the Travancore Devaswom Board has underneath its fold

The board now relies on authorities grants to fulfill the wage, pension and institution prices

The prices come to Rs 40-Rs 45 lakh a month