RBI shock to TTD

Tirupati, Dec 24: Tirumala Tirupati Devasthanams (TTD) is once again facing a hurdle to exchange bundles of old currency notes with a new currency.

According to TTD sources, more than Rs 26 crore of different denomination notes were kept in TTD Parakamani godowns. These demonetized notes had been received by TTD after December 31, 2016, the deadline set by RBI for currency exchange at banks.

Though the TTD officials have been trying to send old currency for exchange, the RBI did not relax rules as per Ministry of Finance notification.

In this connection, TTD higher officials have formally met the RBI AP, Telangana Affairs Deputy Director General (DGM) Nageswar Rao and his team on Thursday here.

In the meeting, the RBI higher officials have clearly informed to TTD that we are helpless. "If you want to clear the old currency, you can send a special request. We will accept the demonetized currency. But you don't expect same value from the old currency as presently those notes are no longer legal tender."

"If TTD wants to clear demonetized notes, they should send these notes to RBI with their own transport expenditure. It is possible only with an official request of TTD. We can accept these old notes and there is no scope to repay new currency," the RBI officials said. The RBI also hinted keeping of demonetized notes is also a criminal offense as per RBI norms.

The TTD officials also informed the RBI officials that banks are not cooperating with them to dispose of the coins. More than 15 lorries of different denomination coins were stocked at Parakamani godowns. The TTD requested the RBI officials to give permission to local Andhra Bank or any other bank for depositing coins.

Speaking to media, a senior official of TTD said that we have brought this issue to the notice of RBI officials. But the RBI officials clearly said there is no chance to exchange old currency with new currency notes.

However, the TTD Executive Officer Anil Kumar Singhal was making efforts with Government of India to get back the Srivari Kanukas of Rs 26 crore of old currency with new currency.