Hyderabad: The Tirumala Tirupati Devasthanam (TTD) is planning to transfer its 7.5 tonnes stashed gold under Gold Monetisation Scheme (GMS), launched by Prime Minister Narendra Modi last year.
It is learnt the TTD had recently moved over 1.3 tonnes of yellow metal to Punjab National Bank under the scheme. TTD may soon shift its entire gold to the Gold Monetisation Scheme as and when it matures.
The GMS has three main components- short term, medium term and long Term. Under the short term scheme, the interest is also converted as gold and paid to the investor. In the medium and long terms, the principal can be paid in the gold or cash form while the interest 2.5 per cent will be paid in cash form only. It is learnt the TTD official made a request to the government to pay the interest part in gold form.