India Post outlets, selected banks to sell gold coins

Mumbai-India (Apr 6)  The Indian government agency in charge of marketing the country’s first ever gold coins is likely to reach an agreement to sell the coins through post office outlets across the country. The talks with India Post are believed to be in advanced stage and an agreement could be reached soon. The sale of coin will also be promoted through branches of more banks, noted MMTC Ltd.

Earlier in January this year, the Reserve Bank of India (RBI) had allowed banks to sell gold coins manufactured by MMTC through designated bank branches. Recently, Indian Overseas Bank (IOB) had become the first bank in the country to sell Indian Gold Coin in the domestic market. The bank had tied up with MMTC towards sale of 24-carat pure gold coins through limited branches. As per reports, MMTC is in talks with other banks such as the State Bank of India, UCO Bank and ICICI Bank.

The India Gold Coin was launched on November 5th last year by the Prime Minister Narendra Modi in presence of Alok Pande, Director in the Department of Financial Services, Finance Ministry, and Anand Trivedi, Director (PMS), MMTC, besides other senior officials.

The Indian Gold Coin has the national emblem, the Ashok Chakra, engraved on one side and the face of Mahatma Gandhi on the other. The coins are presently available in 5, 10 and 20 grams denominations that come with 999 purity. The gold coins are minted by the Security Printing and Minting Corporation of India Ltd and hallmarked by the Bureau of Indian Standards. As per reports, Kolkata mint has also started producing the coins.

The country’s first ever gold coin carries anti-counterfeit features and tamper-proof packaging that will aid easy recycling. The Indian Gold Coin is part of Indian Gold monetization program. The government has allowed MMTC to use the gold that is being deposited under the Gold Monetization Scheme for minting the coins.

Source: ScrapMonster