Financial crisis: Travancore Devaswom Board to deposit 500 kgs of gold with RBI
Alappuzha: The Travancore Devaswom Board (TDB) has initiated procedures to deposit 500 kilograms of gold with the RBI. The board, which is under the governance of High Court, is waiting for the approval from the court.
TDB will deposit the gold items in the form of gold bars, after receiving the approval. The process is in its final stage. The move comes at a time when the board is reeling under severe financial crunch.
It is estimated that the 500kg gold deposit will attract Rs 5 crores annually in return.
According to TDB President Adv. N. Vasu, the interest will be calculated based on the total value of gold, at the rate of 2.5 percent.
TDB owns around 4,000 kilograms of gold items. However, decade-old antiques and precious ornaments and adornments made of gold will not be deposited. They will be maintained as heritage property.
Meanwhile, other Devaswom Boards in Guruvayur, Palani and Tirupati have earlier deposited their gold with RBI.