Travancore Devaswom Board to deposit gold ornaments in RBI

Travancore Devaswom Board has decided to deposit all gold and silver of different temples coming under the Board, except those used for the daily rituals, at the Reserve Bank of India. It is estimated that 24 kg of gold and equal silver will be deposited in the first phase.

Devaswom board will receive 2 percentage of the total price of ornaments as interest. 

The stock estimation of the total ornaments under Travancore Devaswom Board has already begun. The ornaments will be divided into those kept in the strong room, ornaments needed and not needed for certain functions, those of historical significance and so on.

Most of the ornaments that are not used for temple purposes have been given to the temples as donations. These ornaments will be converted into gold bars and will be deposited in the Reserve Bank. Guruvayur Devaswom Board has deposited its gold in a similar fashion.

Only the gold that is not used for daily rituals will be deposited in the bank.