Prime Minister Narendra Modi launches ‘Indian Gold Coin’ and ‘Indian Gold Bullion’

New Delhi-India (Nov 9)  The coin and bullion will be of 24 karat purity, 999 fineness and will have the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other. Initially, the coin will be available in denominations of 5 and 10 grams with more weight options to be launched later. The bullion will initially be available in a denomination of 20 grams. The coin and bullion will carry advanced anti-counterfeit features hence protecting consumer interests and will come in tamper-proof packaging.

Both the Indian Gold Coin and the Indian Gold Bullion are among the key initiatives of the gold reform schemes announced in the 2015 budget.

Government has mandated MMTC Ltd., A Government of India Enterprise, under the Ministry of Commerce and Industry, Department of Commerce to launch the Indian Gold Coin and the Indian Gold Bullion. These will be minted by the Security Printing and Minting Corporation of India Limited (SPMCIL) and hallmarked by the Bureau of Indian Standards (BIS). The World Gold Council will be the marketing associate in this venture to create awareness about the coin and the bullion.

This along with the gold monetisation scheme will give added impetus to organised recycling of gold in India, which will help to boost the Indian economy further. The Indian Gold Coin and the Indian Gold Bullion align with the ‘Make in India’ initiative of Government. These will become part of a global basket of gold coins and bullions that currently include the American Eagle (USA), Panda Coin (China), Maple Leaf Coin (Canada), Krugerrand Coin (South Africa) and others, and will be made available in overseas markets including the UK, the USA and South Africa.

The coin and bullion will be sold through MMTC outlets across 15 cities including Jaipur, Ludhiana, Bhubaneswar, Puri, Barbil, Kolkata, Goa, Ahmedabad, Visakhapatnam, Hyderabad, Bellary, Chennai, Delhi, Bengaluru and Mumbai. Several banks and India Post will soon be added to increase the availability and distribution.

Source: cpiFinancial