Devaswom board to deposit 500 kg of gold in banks in seven years

THIRUVANANTHAPURAM: 500 kg of gold in temples under Travancore Devaswom Board will be deposited in RBI for five years. Devaswom Board President K Anantha Gopan announced in a press conference that the board will get an annual income of Rs 6cr in fiver years.

The investment period is five years. Its operations are coordinated by the Mumbai branch of SBI.

Jewelery is classified as daily use, antique and special. Apart from these, the jewelery kept in the strong room is deposited. Devaswom Commissioner, Thiruvabharanam Commissioner, Vigilance SP and State Audit Deputy Director have been assigned to verify the weight of the gold. This is as per the instructions of the High Court.

Devaswom Board members SS Sajeevan, G Sundaresan, Commissioner BS Prakash and Secretary G Baiju also attended the press conference.

Devaswom temples are used to deposit gold

Small amounts should be melted down into gold bars and given to the bank

Gold refining at RBI's mining center in Haryana

Any time the deposit is withdrawn, it will be returned in gold or cash