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TTD EO Clarifies on Gold Deposits

Tirumala, 22 Apr. 19: TTD EO Anil Kumar Singhal asserted that the 1381 kilos of Gold including interest, which was deposited in Punjab National Bank (PNB) in 2016, has reached TTD treasury safely on April 20.

Addressing the media persons in Conference Hall of TTD Administrative Building in Tirupati on Monday, he clarified on the controversies pointing out finger on the safety of TTD gold in some media and on social media. The EO said, the state government of Andhra Pradesh has issued a GO on April 1 in the year 2000, to deposit surplus gold if any in Nationalized Banks under Gold Deposit Scheme. Later in 2015, the RBI has brought in Gold Monetisation Scheme in the place of Gold Deposit Scheme. The total deposits of TTD Gold includes 5387 kilos in State Bank of India (SBI), 1938 kilos in Indian Overseas Bank(IOB), 1381 kilos in Punjab National Bank (PNB) now returned and 553 kilos of mixed gold in TTD treasury.

Following the guidelines of Medium Term and Long Term deposits given by Government of India (GoI), we have deposited our gold in the respective banks. The GoI is giving 1.5% on handling charges and 1% commission to banks. The handling charges are towards the gold purity testing, refining, transportation, storage and other costs being incurred by banks. Hence it is clear that the total responsibility of handing over of Gold to TTD in Treasury at Administration Building, Tirupati lies purely on PNB as per guidelines.

The EO further said, "TTD has deposited 1311 kilos of Gold in PNB on April 18 in 2016 for a period of three years. The deposit maturity date was on April 18 in 2019 which was fixed three years ago itself. Accordingly, TTD has addressed PNB on March 27 to handover Gold to TTD with interest of 1381 kilos on the maturity date.

Accordingly, the PNB has handedover the gold to TTD and it has reached TTD treasury safely on April 20, EO clarified.

News Posted: 22 April, 2019


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