With Demat account in tow, Tirupati's Balaji is now the God of Dalal Street too

India's richest shrine Tirumala (Tirupati) Balaji temple has opened a Demat account for donations from devotees in the form of shares and securities.

FP Staff August 04, 2015 11:03:10 IST
With Demat account in tow, Tirupati's Balaji is now the God of Dalal Street too

India's richest shrine Tirumala (Tirupati) Balaji temple has opened a Demat account for donations from devotees in the form of shares and securities.

This is the first-of-its-kind donation facility in the world. The Tirumala Tirupati Devasthanasms (TTD) has opened a demat account with the Stock Holding Corporation of India and will accept contributions from devotees and philanthropists in the form of electronically held shares and securities, according to the Hindu.

The idea is to provide all kind of facilities to devotees to offer donations to the temple.

With Demat account in tow Tirupatis Balaji is now the God of Dalal Street too

Image: IBN Live

PS Reddy, MD and CEO of Central Depositories Service (CDSL), told the Economic Times that the innovative move by TTD was primarily aimed at addressing the hassles pertaining to transferring the physical share certificates. "TTD has been receiving physical share certificates as donations by devotees in its open Hundi, which indicates that devotees are interested in donating shares. However, the quantam of shares and securities was not received."

The Tirumala temple had earlier even introduced online donations and donations in the form of foreign currency.

Wealthy Hindu temples such as Tirumala are repositories for much of the $1 trillion worth of privately held gold in India – about 22,000 tonnes, according to an estimate from the World Gold Council. In fact, Tirumala alone has gold reserves worth Rs 70,000 crores all in the form of gold biscuits, bricks, statuettes, coins and ornaments. Of this, 80 to 100 kilos of gold is offered by devotees each month.

Last year, a whopping 1,800 kg of gold offerings made by devotees of Lord Venkateswara were deposited by TTD with the State Bank of India (SBI).

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

HAL bags largest-ever indigenous defence procurement deal, but real test lies in honouring delivery schedule
India

HAL bags largest-ever indigenous defence procurement deal, but real test lies in honouring delivery schedule

If the company's track record is anything to go by, the speed of the project and not the capacity to manufacture LCA should raise concerns

India to purchase 83 Tejas light combat aircraft for Rs 48,000 crore after CCS nod
India

India to purchase 83 Tejas light combat aircraft for Rs 48,000 crore after CCS nod

The IAF, around three years ago, issued an initial tender for procurement of 83 Tejas aircraft, a four-and-half generation combat jet

BSF uncovers militant hideout in Jammu and Kashmir's Poonch, recover ammunition
India

BSF uncovers militant hideout in Jammu and Kashmir's Poonch, recover ammunition

The hideout was unearthed on Saturday afternoon during a search operation in Doba Mohalla forest area in Poonch's Hadiguda