TTD decision to park temple funds in securities draws flak

TTD decision to park temple funds in securities draws flak
x

TTD decision to park temple funds in securities draws flak

Highlights

It's not known if the Tirumala-Tirupati Devastanams (TTD) have decided to implement its August resolution on investing temple funds in Central and state government securities and whether the state government had agreed to the temple administration's decision. However, this decision on Lord's funds is snowballing into a major controversy with opposition parties flashing a red flag.

Tirupati: It's not known if the Tirumala-Tirupati Devastanams (TTD) have decided to implement its August resolution on investing temple funds in Central and state government securities and whether the state government had agreed to the temple administration's decision. However, this decision on Lord's funds is snowballing into a major controversy with opposition parties flashing a red flag.

Nearly Rs 5,000-crore bank deposits that would mature in December are planned to be invested in promissory notes, debentures, stock or other securities of the Central Government or State Government securities. The TTD at its August meeting came up with a resolution that the temple funds which are not required for immediate expenditure could be invested in securities. While the BJP proposes to file public interest litigation (PIL) in Andhra Pradesh High Court, its official spokesperson Bhanu Prakash Reddy issued legal notices to TTD Chairman, EO and financial adviser on this issue. Activists of Jan Sena staged dharna over this issue on Saturday and demanded that that the TTD withdraw its decision.

Congress leader P Naveen Kumar Reddy also opposed the TTD board resolution.The TTD had come with this proposal and added a clause to its Rules according to which the money is deposited in banks and central government securities. The reason given for this resolution was that the interest rates on bank deposits were gradually declining and with lesser returns it was becoming burdensome to carry out the trust activities. This recommendation of the Finance committee was approved by the TTD on August 28. This resolution was kept under wraps. Former Chief Secretary and also former EO TTD IYR Krishna Rao tweeted that the TTD should clarify as to why sudden need to invest in state securities was felt. The TTD invested over Rs 12,000 crore as fixed deposits in various national banks. In December 2020, more than Rs 5,000 crore bank deposits will mature. It is said that the TTD proposes to invest these funds in the State Government securities. However, there was no official confirmation.

Show Full Article
Print Article
Interested in blogging for thehansindia.com? We will be happy to have you on board as a blogger.
Next Story
More Stories