TTD in a bind over banned notes stocks

Tirupati: Tirumala Tirupti Devasthanams (TTD) the richest Hindu religious institution administering the famed Tirumala temple is in a fix with no respite in the offering of banned notes by devotees in the temple hundi.

Highlights:

• Spiked notes worth `16 crore rotting in chest
• Devotees continue to offer demonetised notes
• State, Center and Union finance ministry yet to reply on TTD’s letter

As the notes are no longer legal tender, the authorities are unable to decide what they have to do with the banned currency accumulating with them as the banks politely told TTD their inability to accept the demonetised notes of Rs 500 and Rs 1000 after December 31, last year, the dead line set by the RBI for remitting the void notes, leaving the TTD with no option but to keep them grudgingly in its chests.

Much to the dismay of the TTD authorities the offering of these banned notes in Hundi is not ceased, even after the deadline for remitting them in the banks came to an end.Though the Union finance ministry provided opportunity to certain groups of people like individuals and NRIs only to deposit banned notes at select RBI branches after December 31 and this opportunity also expired on March 31, TTD remained helpless in disposing the banned currency as the institution is ineligible to avail the extended opportunity for remitting the demonetised old notes.

It frantically dashed letters to state government, RBI and also Union finance ministry seeking their instruction on the disposal of the notes but yet to receive the response even as the offering of banned notes continuing.The TTD is dilemma after the Union government approved an ordinance holding more than ten banned notes punishable. The authorities are spending sleepless nights as they are invariably pushed into possessing of the banned notes, which is not legal.

A social activist Mangati Gopal Reddy, who has been active in protecting pilgrim interest and had many legal battles with TTD providing funds to other than pilgrim purposes, said that the TTD management should take up wide publicity through its devotional satellite channel SVBC and Sapthagiri magazine seeking the devotees to stop offering the demonetised notes. “Why should the TTD shy of appealing the devotees through its mass media when the offering of void notes in the hundi not ceased,” he questioned.While it is opined in the professional circles that the government did not foresee such fallout.

To cover this up either they should spell out in open that these notes may be destroyed in the presence of a designated official or they prefer to extend a helping hand by instructing RBI to accept these notes as a `special’. This deadline could be restricted to those notes received till March 31 this year and felt that silence can never be the answer.Meanwhile, addressing media recently TTD executive officer D Sambasiva Rao revealed that the demonetised notes worth about Rs 16 crore with them and admitted that the offering of the notes that are no more legal tender continuing in the Tirumala temple Hundi.

He hinted that the TTD is helpless in this regard as it is remaining clueless on disposing these notes with no response from the state government, RBI and also Union finance ministry. “TTD wrote to the three i.e. state, Centre and RBI and also reminded but still to receive any direction on the defunct notes,” he averred.

By G Sridhar