TTD fined Rs 3 cr for FCRA violation
Tirupati (IANS) | The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on India’s richest religious trust, Tirumala Tirupati Devasthanams (TTD), for violation of the Foreign Contribution Regulation Act (FCRA). TTD chairman Y.V. Subba Reddy on Monday said that the RBI has imposed penalty for non-compliance of FCRA rules on depositing foreign currency dropped in ‘hundi’ by devotees into bank accounts.
He said that the FCRA license of TTD had expired in 2018 and since it has not been renewed yet, the TTD Board is facing problems in depositing foreign currency in its bank accounts.
Subba Reddy also disclosed that TTD has paid Rs 3 crore as penalty to RBI in two instalments. TTD has also requested RBI to renew the FCRA license.
TTD Chairman said that TTD currently has foreign exchange of Rs 30 crore. Foreign currency unknowingly dropped in ‘hundi’ by devotees at Tirumala temple.
TTD manages the affairs of Sri Venkateswara Temple atop Tirumala, considered as the richest Hindu temple in the world, and some other temples in different parts of the country.
Meanwhile, Subba Reddy reviewed the arrangements made in Tirumala for the summer season.
TTD has also decided to issue Divya Darshan tokens for devotees visiting the hill shrine from April 1.
10,000 tokens per day will be issued daily for pilgrims using the Alipiri Walkway. Another 5,000 tokens will be issued for those reaching the temple from Tirumala Charan Marg.
Subba Reddy said that the recommendation letters would be reduced during the summer vacation. TTD has also decided to tighten the rules regarding allotment of rooms in Tirumala.
The TTD chairman said that with the introduction of face recognition technology, accommodation would be provided to the pilgrims in a transparent manner.
Last week, the TTD announced that it has passed a budget of Rs 4,411 crore for 2023-24, a huge jump of 43 per cent over the previous year.
The budget for 2023-24 is being reported as the highest since the inception of TTD in 1933.
The major increase in the budget size was due to an unprecedented increase in hundi collection or offerings from devotees to the ancient temple.
A major chunk of the total revenue of Rs 1,591 crore for the current year is expected from hundi and other capital receipts. Similarly, Rs 990 crore is expected from interest receipts, while Rs 500 crore is expected from the sale of laddoos and other ‘prasadams’.
–IANS
