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Coins disposal issue at TTD

15-12-201815-12-2018 10:16:50 IST
Updated On 15-12-2018 10:16:46 ISTUpdated On 15-12-20182018-12-15T04:46:50.179Z15-12-2018 2018-12-15T04:46:46.090Z - 2018-12-15T04:46:46.094Z - 15-12-2018

Coins disposal issue at TTD
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The Tirumala Tirupati Devasthanam (TTD) which receives millions in offerings every year in its 'Srivari Hundi' is dealing with a peculiar problem this year.

The Hundi had about 40 tonnes of coins which are Malaysian coins, and it is finding it very difficult to dispose of these coins.

It has always been a daunting task to dispose of the offerings as people from different countries come to offer Lord Venkateshwara coins in the form of offerings. These coins have now piled up, and they have 52 tonnes of coins of which 40 tonnes are Malaysian coins.

Until late 2003 the coins were disposed of based on the weight, however, in 2009 it was changed to per piece rate against the country's denomination. This process was again stopped as the staff in TTD found it difficult to find antique coins.

The RBI advised TTD to consult authorized money changers and conduct an e-auction but this process also failed as there was a lukewarm response.

The TTD then decided to send the coins country-wise for exchange but there were process related problems which again played spoilsport.

A final attempt led to an agreement with a couple of private firms came forward to change the currency but consensus remains elusive.

 


NewsSting Team


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