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Current Affairs

Tirumala Tirupati temple deposits 2780 kg gold with SBI

IN NEWS:

Tirumala Tirupati Devasthanams which is the famous temple of Lord Venkateswara and of the richest Hindu temple in India has deposited 2,780 kg of gold with State Bank of India under long term deposit schemeannounced on 29th Aug 2017.
Key Points:
      The gold deposits have been converted into the Long Term Deposit Scheme at a rate of 2.5% per annum for a period of 12 years from the date of investment under the Gold Monetisation Scheme.
      The temple receives offerings from devotees in cash, jewellery, gold, silver, property deeds, and Demat share transfers.
      The certificate for the gold deposit was handed over by Amaravathi Circle SBI Chief General Manager Mani Palvesan to the TTD Financial Advicer and Chief Accountants Officer Mr. O. Balaji.
      During 2017-18, TTD expects to receive Rs 1,110 crore from capital funds (as kanuka), which would be the major source of revenue, from devotees.
      Other revenue streams include the Rs 300 special entry darshan, which is expected to fetch a minimum of Rs 256 crore for the financial year,Rs 124 crore from accommodations and Rs 55 crore through Arjitha Seva tickets.
About Tirumala Tirupati:
      Tirumala Tirupati Devasthanams, abbreviated as TTD, is an independent trust which manages the Tirumala Venkateswara Temple at Tirumala, Andhra Pradesh.
      The trust oversees the operations and finances of the second richest and the most visited religious center in the world. I
      It is also involved in various social, religious, literary and educational activities. TTD is headquartered at Tirupati.
      TTD was established in 1932 as a result of the TTD Act of 1932.

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  • This kind of bond sales help in reducing excess money from the economy, thus helping in the control of rising prices.
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