2016-10-22 Sat

The sale of 'Indian Gold Coins' manufactured by the Security Printing and Minting Corporation of India began in November 2015 via MMTC under the Centre's Gold Monetisation Scheme (GMS).

185 kg of gold coins and bars, in denominations of one, two and five grams have already been sold. 10g and 20g were sold with a premium of nine per cent to the market price. As against the current Rs 30,025 per 10g of 0.999 purity, these Indian Gold Coins cost Rs 32,710 per 10g.

Before this scheme was introduced, gold coin markets were powered by local jewellers with claims of quality guarantee with Bureau of Indian Standards certification.

MMTC sold these coins through 26 owned outlets and 200 outlets overall, compared with 300,000-400,000 jewellers. Even then, the response has been very refreshing. As of now, the policy constraints have been resolved by the RBI and banks are ready to join hands with MMTC to sell sovereign gold coins. Officials have stated that the distribution would be increased considerably in 1 year after which it would become the biggest brand to offer such a product.

People prefer buying these coins as they are approved by the Government and its quality can be trusted. Apart from MMTC outlets, the coins are also available at the Indian Overseas Bank, Federal Bank, Vijaya Bank and YES Bank. Going forward, the management has plans to tie up with more banks and post offices so that they are more accessible to everyone across the country. The coins will also be sold at tourist places for visitors.