Faced with the problematic issue of holding demonetised notes deposited by pilgrims in Hundis, the Tirumala Tirupati Devasthanams (TTD) has requested the Centre to permit it to deposit demonetised of ₹500 and ₹1,000 with the Reserve Bank of India.
The deposited notes could, in turn, be used for development works undertaken by TTD.
YV Subba Reddy, Chairman, TTD, called on Union Finance Minister Nirmala Sitharaman and requested her to take it up with the Centre and the RBI to enable the Devasthanams deposit these demonetised notes. These were deposited by pilgrims, which is beyond the control of the TTD.
The Ministry of Finance, in its notification, had demonetised ₹500 and ₹l ,000 notes, which seized to be a legal tender from the midnight of November 8, 2016.
While the TTD is following RBI guidelines from then onwards and has stopped collecting old currency notes, hardship is being experienced in respect