Devotees of Lord Venkateswara Swamy continued to drop huge number of scrapped Rs 500 and Rs 1,000 notes in the hundi of TTD even after December 30th, 2016 deadline. Now, TDP possesses old notes amounting to over Rs 4 crore.
Centre passed a Law making possession of more then 10 scrapped notes by any Individual a punishable offence. A minimum fine of Rs 10,000 can been imposed if found guilty.
Tirumala Tirupati Devasthanams (TTD) sought providential assistance from Reserve Bank of India (RBI), so that the scraped notes could be brought into the banking system. TTD EO D Sambasiva Rao believes majority of the banned notes could be those which devotees saved in boxes/mud pots at their homes to drop in TTD hundi when they visit the hill shrine.
TTD receives Rs 3 crore per day and Rs 1,000 crore per year on an average in the form of cash from the devotees. Not a surprise, It's one of the richest temples in the World!
Centre passed a Law making possession of more then 10 scrapped notes by any Individual a punishable offence. A minimum fine of Rs 10,000 can been imposed if found guilty.
Tirumala Tirupati Devasthanams (TTD) sought providential assistance from Reserve Bank of India (RBI), so that the scraped notes could be brought into the banking system. TTD EO D Sambasiva Rao believes majority of the banned notes could be those which devotees saved in boxes/mud pots at their homes to drop in TTD hundi when they visit the hill shrine.
TTD receives Rs 3 crore per day and Rs 1,000 crore per year on an average in the form of cash from the devotees. Not a surprise, It's one of the richest temples in the World!