TTD Fined Rs. 3 Crores For Violating FCRA

The Reserve Bank of India (RBI) fined Tirumala Tirupati Devasthanams (TTD), the largest religious trust in India, Rs. 3 crore for breaking the Foreign Contribution Control Act (FCRA). Y.V. Subba Reddy, chairman of TTD, said on Monday that the RBI had fined the FCRA for depositing foreign currency left by devotees in ‘hundi’ in bank accounts. He said that the TTD board is facing problems in depositing foreign currency in its bank accounts as the FCRA license of TTD expired in 2018 and has not been renewed yet.

Subba Reddy further said that TTD has paid a penalty of Rs 3 crore to RBI in two installments. Besides, TTD has applied to RBI for an extension of the FCRA license. The chairman of TTD said that TTD now has 30 million crowns in foreign currency. At the Tirumala temple, visitors inadvertently threw foreign cash into the ‘hundi’. The TTD oversees the operation of the Sri Venkateswara Temple in Tirumala, which is said to be the richest Hindu temple in the world, as well as several other temples across the country.

Subba Reddy reviewed the Tirumala summer preparations while it was underway. The Venkateshwara Swamy Temple, also known as Tirupati Balaji, is one of the most well-known tourist destinations in India. The temple, popularly known as the “Temple of the Seven Hills”, is dedicated to Venkateshwar, an incarnation of Vishnu, and is located on the seventh peak of the Tirumala range in Tirupati, Andhra Pradesh. The temple is the wealthiest temple in the world due to the quantity of gifts and donations it receives from pilgrims.

The TTD has also decided to start issuing Divya Darshan tokens to the hill temple visitors from April 1. Each day, 10,000 tokens will be given out to pilgrims who use the Alipiri Walkway. Tokens worth another 5,000 will be given to visitors who enter the temple via Tirumala Charan Marg. According to Subba Reddy, the number of letters of recommendation would decrease during the summer break. Besides, the TTD has decided to tighten the guidelines for allotment of rooms in Tirumala.

The TTD chairman said that by using facial recognition technology, accommodation would be made available to pilgrims in a transparent manner. This Monday, the TTD announced that it had approved a budget for 2023–24 of Rs 4,411 crore, a huge increase of 43% from the previous year. The 2023–24 budget has received the most media attention since the TTD’s inception in 1933.

An unheard of increase in hundi collections – offerings from worshipers at the old temple – was blamed for the huge increase in the size of the budget. A significant portion of the total Rs 1591 crore total revenue for the current year is expected to come from hundi and other capital sources. The sale of laddoo and other ‘prasadam’ is expected to generate Rs 500 crore, while through interest collections, Rs 990 crore is expected.

Folklore has it that Balaji requested a loan from Kubera for 11.4 million gold pieces and 1 million crowns so he could wed Padmavathi. Visitors to the temple from all across India donate money to pay back the loan. Every day, the temple receives donations of up to Rs 22.5 million! Gold is offered as a sign of devotion to the god. In April 2010, the temple submitted 3,000 kilogrammes of gold to the SBI bank. The temple receives 50,000–100,000 daily visitors, and on holidays or other noteworthy days, this number can approach 500,000.

World’s richest Hindu shrine TTD reports wealth in billions

The Tirupati Balaji temple in India revealed a staggering amount of wealth, including deposits of 10.3 tons of gold in nationalized banks and $1.94 billion in cash. The total value of the temple’s assets is estimated at $2.26 million ($27.56 billion).

The trust that oversees the impressive Hindu shrine and its linked temples in southern India, Tirumala Tirupati Devasthanams (TTD), published a white paper and disclosed its assets. Surplus funds are invested in predetermined banks, according to the trust. We request Srivari devotees refrain from buying such conspiratorial false propaganda.

In a press release, Tirumala Tirupati Devasthanams said that the cash and gold deposits made by TTD in a number of banks were done in a very transparent manner. The Hindu deity Vishnu is worshipped at the Tirumala Tirupati Devasthanams in Andhra Pradesh. It is said that during the Kali era, Lord Vishnu appeared in the temple to guide his followers to salvation.

In 2019, TTD invested 13,025 million crowns ($19.44 billion) in fixed deposit accounts with several banks; however, this amount has since increased to $15,938 million ($19.44 billion). According to TTD CEO AV Dharma, Reddy’s investment had climbed to $2,900 million ($3.5 billion) over the previous three years. TTD has 7,339.74 tonnes of gold as of 2019 and has accumulated 2.9 tonnes in the previous three years, according to banking investments disclosed by the trust.

The temple holdings include 960 properties covering a total area of ​​7,123 acres. Donations offered to the sacred deities by devotees, societies and organizations provide the temple with its income. According to PTI, Tirupati’s net worth exceeds the market capitalization of state-owned oil goliaths Oil and Natural Gas Company (ONGC) and Indian Oil Corporation, as well as food and beverage firm Nestlé.

Edited by Prakriti Arora