Prime Minister of India, Narendra Modi, launched the Indian Gold Coin and Indian Gold Bullion at his official residence, 7 Race Course Road, New Delhi. Both, the coin as well as the bullion are the first ever national gold offerings by the Government of India.
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, the MMTC said in a media statement.
MMTC, a Government of India Enterprise, has been mandated by the government to launch the Indian Gold Coin and the Indian Gold Bullion under the Ministry of Commerce and Industry, Department of Commerce.
These will be minted by the Security Printing and Minting Corporation of India and hallmarked by the Bureau of Indian Standards. The World Gold Council will be the marketing associate in this venture to create awareness about the coin and the bullion.
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.
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.
The media statement added that 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 Indian cities. Several banks and India Post will soon be added to increase the availability and distribution.