The Tirumala Tirupati Devasthanams (TTD), which is finding it hard to dispose of the mounds of Malaysian coins, is planning to directly approach the Central Bank of Malaysia.
Disposing of foreign coins offered in the ‘Srivari Hundi’ has always been a daunting task. Though devotees from various countries offer their currency, strangely enough, 40 tonnes of the 52 tonnes of coins piled up in the TTD’s treasury are Malaysian coins.
Till 2003, the disposal of foreign currency was carried out on the basis of weight. In 2009, it was decided to introduce piece rate basis against that country’s denomination. The process was halted as the staff found it hard to distinguish antique coins. By roping in the services of numismatists, the TTD succeeded in segregating 25 tonnes of coins, with the rest still posing a challenge.
Hassles
On the advice of the RBI to deploy authorised money changers, it conducted e-auction through MSTC Limited, but the response was lukewarm. The RBI then advised the TTD to sort the coins country-wise and send the consignments to the respective countries for exchange, but procedural hassles played spoilsports.
Last year , the TTD urged 18 PSU banks and five private banks to help liquidate 20 tonnes of coins. Though a private bank agreed, it dropped out over the decision to apply similar valuation to lower and higher denomination coins, calling it ‘unremunerative’. The final attempt was made in July, when two private firms came forward, but consensus remained elusive.
