EXCERPTS OF INVESTMENT COMMITTEE MEETING ON GOLD MONETISATION SCHEME

Tirupati, 26 December 2015: The investment Committee of TTD discussed about the Gold Monetisation Scheme and made some important suggestions during the meeting held in the chambers of TTD Executive Officer Dr.D.Sambasiva Rao in TTD Administrative Building in Tirupati on Saturday.

Some excerpts:

Respecting the sentiments of devotees and to keep the Gold corpus intact, TTD will continue to keep the corpus in the form of Gold as it is and the interest earned on the Gold Deposit shall also be converted into Gold and added to the corpus.

➢ The committee has suggested to go for a high level meeting with financial officers at GOI level and with RBI to make some amendments in the Medium term and Long Term deposits under Gold Monetisation Scheme, for at least charitable and religious institutions, respecting the sentiments of devotees. The amendment to be requested will be in respect of returning the principle and interest in the form of gold in Medium term and Long Term gold deposits under Gold Monetisation Scheme so as to keep the main corpus in tact.

➢ The high level meeting may likely to take place in the next month i.e., in January 2016.

➢ The short term deposits under the Gold Monetisation Scheme is similar to the present gold deposit scheme which is being followed by TTD. As the existing rate of interest offered by banks for the short term deposits under Gold Monetisation Scheme is very less, the committee has suggested to request the banks to offer the most competitive rate for short term gold deposits which is closer to the rate under Medium term and Long term deposits.

The committee members Smt Ranjana Kumar-former Vigilance Commissioner, Sri V Kamesam-former Deputy Governor of RBI, Sri Narasimha Murthy-former Director IDBI, Additional FACAO Sri O Balaji, CAO Sri Raviprasadu were also present.