July 18, 2018:

Repeated negotiations with RBI authorities did not yield any results as thy accept Notes alone.

Trust that administers India’s Richest temple in Andhra Pradesh’s Tirumala has finally found a solution to a problem it has been facing for years: How to dispose of nearly 60-tonne foreign coins offered to Lord Venkateswara.

An organisation of Telugu Non-Resident Indians (NRIs) formed with Andhra Pradesh Government’s support, AP Non-Resident Telugu (APNRT) Society has now offered to purchase the stock from Tirumala Tirupati Devasthanams (TTD) at actual cost.

An TTD Official stated that,“While the foreign currency notes are exchanged with the RBI (Reserve Bank of India) for Indian rupees, there is no way the coins could be exchanged because of their small value. Repeated negotiations with the RBI authorities did not yield any results”.

TTD thought of sending the coins back to the counties of their origin.

But the transportation cost turned out to be more than the value of the coins,” the official said.

Estimated value of the foreign coins could be around Rs 1 crore to Rs 1.5 crore.

APNRT chairman Ravi Kumar Vemuri said these coins have ceremonial value.

He added that,“We, Indians, have the tradition of using coins at every puja performed on various occasions, whether it is a cradle ceremony or marriage, starting of new business activity or housewarming ceremony".

Chairman Vemuri stated that, In the countries like US and the UK, Indians follow this tradition. Since these coins available with the TTD are considered sacred, since they come from the Hundi (cash chest) of the Lord, we thought there would be a huge demand for them from NRI Telugus.

Vemuri added that APNRT has 85,000 members spread across 111 countries. “When we mooted the proposal on our WhatsApp group, there was an overwhelming response and they offered to buy these sacred coins.”

Proposal is awaiting a formal approval from TTD Trust Board. “Once it gets the nod, we will implement the plan,” Vemuri added.

Source HT

Picture Source :