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Permission given to Thirumalai Tirupathi Devasthanam Board to deal and transact in foreign currencies!
Posted on: 24/Apr/2023 3:52:47 PM
The Central Government has granted permission to the Thirumalai Tirupathi Devasthanam Board (TTD) to convert the foreign currencies collected at the temple into Indian Rupees. Foreigners who visit Tirupathi as devotees and offer contributions in their national currencies must have their offerings converted to Indian Rupees. To comply with the Foreign Exchange Act, the full details of the contributing devotees are required for the conversion.
However, the Thirumalai Tirupathi Devasthanam Board failed to renew its permission to convert foreign currencies a year before the coronavirus pandemic. Subsequently, foreign currencies collected were not converted, and remained with the TTD.
The Reserve Bank informed the TTD that a penalty was required to be paid for the conversion, and as such, the TTD paid Rs. 3 Crores as a penalty 15 days ago. Subsequently, the Reserve Bank of India renewed the rights to convert foreign currencies to the TTD.
Meanwhile, the TTD appealed that it is not a commercial organization, but rather a religious operation and a form of social service. Therefore, it cannot collect the details of foreign tourists who contributed foreign currencies, and sought an exemption from this rule.
After conducting a detailed analysis and inquiry, the Central Home Ministry granted an exemption to the Thirumalai Tirupathi Devasthanam, stating that it need not collect the full particulars of foreign devotees who contributed in their currencies.
Subsequently, the Central Government approved the Thirumalai Tirupathi Devasthanam Board (TTD) to convert the accumulated foreign currency contributions, worth Rs. 30 Crores, into Indian Rupees and deposit them in the bank.
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