The Indian Festival of Lights (Diwali) is two days away. Buying of gold is customary for millions of Indians at this time. This year, they have a unique choice. For the first time, a gold coin minted in India is available for sale this festive season. The Indian Gold Coin, launched by Prime Minister last week, bears the national emblem – the Ashok Chakra – on one side and Mahatma Gandhi’s image on the other side.
The coins are available in two denominations of 5 and 10 grams. In addition, a 20 gram gold bar or bullion is also available. The gold coins are being distributed through MMTC outlets (list of outlets available at mmtcretail.com) at over 20 cities across the country.
The Indian Gold Coin has been minted by the Security Printing and Minting Corporation of India. It carries advanced anti-counterfeit features and comes in tamper-proof packaging that will aid easy recycling. The coin is of 24 carat purity and 999 fineness and is hallmarked as per Bureau of Indian Standards. Once purchased, the coin cannot be sold back to MMTC.
According to a statement issued by Ministry of Finance, about 15,000 coins of 5 grams, 20,000 coins of 10 grams and 3,750 gold bullion will be available initially.