The Indian Gold Coin Scheme is the first ever national gold offering by the Government of India. This gold coin scheme is one of the three Gold Schemes launched by the Prime Minister of India in the year 2015.
The other two schemes are the Sovereign Gold bond Scheme and the Gold Monetisation Scheme. The main motive behind these schemes is to cut down India’s gold imports and also to encourage Gold Investment amongst the investors for the country’s economic growth.
The Indian Gold Coin is the first national gold coin which will have the image of Ashok Chakra minted on one side and the face of Mahatma Gandhi on the other side. The coin is currently available in denominations of 5gm, 10gm and 20gm. This allows even those with a small appetite to Buy Gold under this scheme.
The Indian Gold Coins are of 24 karat purity with 999 fineness. Along with this the gold coin also carries advanced anti-counterfeit features and tamper-proof packaging. These coins are hallmarked by the Bureau of Indian Standards (BIS) and are minted by the Security Printing and Minting Corporation of India Limited (SPMCIL).
The price of these coins is fixed by the MMTC (Metals and Minerals Trading Corporation of India). It is believed that the coin is 2-3 percent cheaper than the ones manufactured by most of the established corporate sellers.
The Indian gold coin price is linked to the international price of gold. As the value of gold would change in the international markets, so would the Indian gold coin price. An example of the prevailing price of the Indian gold coin in various denominations is below for reference:
5 grams– INR 15,282.00
10 grams- INR 30,564.00
20 grams- INR 61,129.00
(These prices are excluding VAT and other taxes, Date: As of 15th March'17).
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The Indian Gold Coin is currently available across 388 outlets including Federal Bank, Andhra Bank, ICICI Bank, HDFC Bank, Vijaya Bank, Indian Overseas Bank, Yes Bank, Phulkari emporiums and MMTC centres.
On one the most advantageous feature of this scheme is the ‘Buy Back’ option that it provides. MMTC offers the transparent ‘buy back’ option for these gold coins through its own showrooms across India. MMTC will repurchase the Indian Gold Coin with original invoice along with intact tamper proof packaging, at the prevailing gold rate.
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