Latest news with #GoldMonetisationScheme
The Hindu
07-07-2025
- The Hindu
29.5 kg of gold from Kanaka Durga temple deposited under GMS scheme
Sri Durga Malleswara Swamy Varla Devasthanam (Kanaka Durga temple) authorities deposited 29.510 kg of gold ornaments under the Gold Monetisation Scheme (GMS) at the State Bank of India (SBI), Gandhinagar branch, on Monday. The deposit will earn an annual interest rate of 0.60 per cent. According to the temple's executive officer and Special Grade Deputy Collector V.K. Seena Naik, the gold, which had been safeguarded for several years in the temple's strong room, was carefully verified and handed over to the bank authorities. As per the prevailing market rate of ₹9,010 per gram for 22-carat gold, the total estimated value of the deposited ornaments is approximately ₹26.58 crore. A special verification committee oversaw the transfer process. The committee included Jewellery Verification Officer and Assistant Commissioner of the Endowments Department Pallam Raju; officials from the Vijayawada Endowments Department; AEOs P. Chandrasekhar, N. Ramesh Babu, and M.S.L. Vasu from the temple; along with temple gold appraiser D. Shammi. Security was provided by the Special Police Protection Force, including a head constable and three constables. The gold was officially handed over to officials from the SBI Gandhinagar branch in the presence of all committee members and under tight security arrangements.
India Today
04-07-2025
- Business
- India Today
Gold gathering dust in locker? Financial advisor explains how to make it work
What happens when the gold meant to secure your future quietly begins to decay in a bank locker?Financial advisor Lovish Anand recently shared the story of a close friend who discovered that her family's heirloom jewellery had rusted after water seeped into a basement locker during flooding. The bank offered little help, as the standard insurance barely covered Rs 3 you think your gold is safe in that locker think again,' Anand wrote in a recent LinkedIn post. 'Most lockers are insured for just Rs 3 lakh. That's barely enough to cover the value of even a modest set of jewellery.' According to Anand, many people still treat lockers as the ultimate vault for family gold. But in reality, these lockers come with minimal protection. Even in the case of theft, fire, or natural disasters, the compensation offered is often linked to the annual locker rent, typically no more than a few thousand rupees. That means the maximum insured amount rarely exceeds Rs 2–3 lakh, regardless of what's inside.'People keep gold bars, old coins, wedding jewellery worth lakhs, sometimes crores, in these lockers. But the protection they assume is there doesn't really exist,' Anand explained. 'It's false comfort.'For countless Indian households, gold is more than just an investment. It's tradition, emotional security, and often a family's hidden financial backup. But Anand believes that leaving it idle and unprotected exposes it to risks—not just physical deterioration but also poor documentation and missed financial he points to a government-backed option that offers both safety and growth: the Gold Monetisation Scheme or GMS.'This is not about selling your gold. It's about making it work for you, safely and passively,' he GMS, individuals can deposit unused gold with authorised banks for tenures ranging from five to fifteen years. The gold is tested for purity, officially weighed, and recorded. Depositors earn 2.25 to 2.5 percent annual interest on the value of gold at the time of deposit. Importantly, the scheme eliminates worries about rust, theft, or locker insurance limits.'Yes, there's a lock-in period of three to five years,' Anand acknowledges. 'But let's be honest. Most families aren't planning to touch that gold anyway. Why not let it earn something in the meantime?'He's clear that this is more than a financial tip. 'It's a mindset shift,' Anand says. 'Lockers were never meant to preserve wealth for decades. They're just storage boxes. If gold is part of your long-term safety net, it needs a smarter home.'advertisementThe message, ultimately, is cautionary but also constructive.'This isn't about panic,' Anand writes. 'It's about awareness. Families across India have legacy gold gathering dust. The Gold Monetisation Scheme offers a way to preserve it, secure it, and quietly grow its value, all without losing ownership.'The call to action is simple. Don't wait for water damage or disaster to prompt a rethink. For families holding on to old jewellery, coins, or bullion, it may be time to ask: is that locker truly preserving wealth or just letting it rust in silence?(Disclaimer: This article is for general informational purposes only and does not constitute financial advice. Readers are encouraged to consult a certified financial advisor before making any investment or financial decisions. The views expressed are independent and do not reflect the official position of the India Today Group.)- Ends
News18
25-04-2025
- Business
- News18
As Gold Prices Soar, TTD's Massive Yellow Metal Reserve Now Valued Over Rs 11,000 Crore
Since the launch of the Gold Monetisation Scheme (GMS) in 2015, TTD has been depositing this gold in long-term schemes earning 2.5 per cent annual interest. Gold prices have surged to record highs — but have you ever wondered how much the gold stored by the Tirumala Tirupati Devasthanams (TTD) is worth today? Nestled in the spiritual heart of the seven hills, Ananda Nilayam, the divine abode of Sri Venkateswara Swamy, attracts over 2 crore devotees annually. From across India and the world, pilgrims offer not only prayers but also generous donations at Srivari Hundi — ranging from coins and currency to silver, and significantly, gold. TTD receives between 800 and 1,000 kg of gold every year through Hundi offerings. Many devotees, in a gesture of surrender and faith, place entire sets of personal ornaments in the hundi. This donated gold is melted, purified, converted into gold biscuits, and then deposited into public sector banks. Since the launch of the Gold Monetisation Scheme (GMS) by the Central Government in 2015, TTD has been depositing this gold in long-term schemes earning 2.5 per cent annual interest. In FY 2023–24 alone, 1,031 kg of gold was deposited. As of 2024, the total deposited gold stood at 11,329 kg—making TTD one of the largest institutional contributors to the GMS, primarily via State Bank of India and Indian Overseas Bank. On April 25, 2025, the price of gold in India reached Rs 98,240 per 10 grams (or Rs 98.24 lakh per kilogram). Based on this rate, the current value of TTD's deposited gold is an astounding Rs 11,129 crore. With an interest rate of 2.5 per cent, TTD earns approximately Rs 278 crore annually – just from interest on gold. Devotees of Tirumala offer gold ornaments in the form of gifts to Lord Venkateswara. From gold coins to small ornaments, they put them in the hundi. Ordinary devotees offer gold in the hundi as per their wishes. During the hundi calculation at Parakamani, the gold is separated and stored in a special locker. The stored items are taken to the Treasury Department in Tirupati at a fixed time and their quality is checked by an appraiser. After that, the gold is melted, converted into biscuits and deposited in banks. Thus, by 2024, the deposited gold is 11,329 kg. But that's not all. In addition to the deposited gold, around 500 kg of gold remains in ornamental form, adorning deities in daily rituals and major festivals. These ornaments — worn by Sri Venkateswara and his Utsava Murthys — are estimated to be worth over Rs 400-450 crore. Usually, devotees who offer large amounts of gold ornaments first contact TTD. They tell them that they want to offer them to the Lord and the ceremonial idols. TTD gives instructions on the dimensions, shape, rubies, vajravaiduryas and ornaments to be used for making the gold ornaments. In this way, the devotees get the gold ornaments made in accordance with the instructions given by TTD and offer them to the Lord. Thus, the golden feet of the Lord, Surya Katari, Nandakam, Srivari Abhaya, Katihasthalas, ornaments, golden crown, cooking crown, green garland, and many other ornaments were offered to the Lord. Every piece is meticulously crafted, with devotees often reaching out to TTD for specifications regarding dimensions, gemstones, and design before offering them as divine gifts. One such recent offering came from Tejaswi, granddaughter of former TTD Chairman DK Adhikeshava Naidu, who donated a rare Vyjayanti Mala. A total of four garlands were made, valued at over Rs 2 crore, and offered to the Utsava Murthys of Sridevi and Bhudevi. In total, TTD holds thousands of kilograms of gold, either as bank deposits or temple ornaments. With the recent 30 per cent surge in gold prices, the value of TTD's gold reserves has risen from Rs 8,500 crore in April 2024 to over Rs 11,129 crore in April 2025. In the world of faith and finance, Sri Venkateswara's treasury is not just a symbol of devotion — it's a golden asset that grows with time. First Published: April 25, 2025, 15:15 IST
