2016-11-07 Mon

MMTC would be selling sovereign gold coins to NRIs by tying up with branches of Indian Banks like ICICI Bank, HDFC Bank, Indian Overseas Bank, Vijaya Bank, Federal Bank, Yes Bank and Andhra Bank.

South Africa, the UK, Middle East and Singapore are being considered as the target markets initially. The gold coin features the Ashoka Chakra on one side and Mahatma Gandhi’s face on the other. Two versions are available, one weighs 5 grams and the other one weighs 10 grams. Indian gold bar of 20 grams is also being offered.

Agreements have been made between MMTC and the banks in such a way that the banks have permission to sell it overseas as well. After they target markets in South Africa, U.K. etc, they would approach the U.S market where most NRIs reside today. The regulatory framework in different countries across the globe for marketing the sovereign gold coins is being reviewed.

Unlike other brands who deduct 4% from the prevailing gold base rates for buying back their own gold products, MMTC has assured to repurchase the Indian Gold Coin in tamperproof packaging and with the original invoice at the prevailing gold base rate.