RBI imposes penalty of Rs.3 cr on TTD for violation of FCRA norms

The TTD chairman said the TTD currently has foreign currency amounting to Rs.30 crore

March 28, 2023

TTD fined for FCRA violation

The Reserve Bank of India (RBI) has imposed a penalty of Rs.3 crore on India’s richest religious trust, Tirumala Tirupati Devasthanam (TTD) for breaching the Foreign Contribution Regulation Act (FCRA). TTD chairman Y V Subba Reddy said that the RBI has imposed the penalty for not adhering to FCRA norms while depositing foreign currency dropped by devotees in ‘Hundi’ into the bank accounts.

Subba Reddy said the TTD’s FCRA license lapsed in 2018 and since this has not been renewed yet, the TTD board is facing problems in depositing foreign currency in its bank accounts. He also revealed that the TTD has paid the RBI penalty of Rs.3 crore in two installments. The TTD has also requested RBI to renew the FCRA license.

The TTD chairman said the TTD currently has foreign currency amounting to Rs.30 crore. The foreign currency was dropped by devotees anonymously in ‘Hundi’ at Tirumala temple.

The TTD manages the affairs of Sri Venkateswara temple atop Tirumala, considered as the world’s richest Hindu temple, and some other shrines in different parts of the country. Meanwhile, Subba Reddy reviewed the arrangements made at Tirumala for the summer season.

The TTD also decided to issue Divya Darshan tokens from April 1 for the devotees who walk up to the hill shrine.

Every day, 10,000 tokens will be issued per day for pilgrims using the Alipiri walkway. Another 5,000 tokens will be issued for those reaching the temple through the Tirumala steps route.

Subba Reddy said during summer break, recommendation letters will be reduced. The TTD also decided to tighten the rules in the matter of allotment of rooms in Tirumala. The TTD chairman further said that with the introduction of face recognition technology, accommodation will be transparently provided to devotees.

Last week, the TTD announced that it has passed an Rs.4,411 crore budget for 2023-24, a big jump of 43 percent over the previous year. The budget for 2023-24 is said to be the highest since the TTD’s inception in 1933. The big increase in budget size was attributed to the phenomenal rise in Hundi collections or devotees’ offerings at the ancient temple.

For this year, it is expected that the majority of revenue – Rs.1,591 crore – will be generated through Hundi and other capital receipts. Interest receipts are forecast to provide Rs.990 crore while the sale of laddus & other ‘prasadam’ is predicted to reach Rs.500 crore.

[With Inputs from IANS]

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