Prime Minister Narendra Modi launches ‘Indian Gold Coin’ and ‘Indian Gold Bullion’
Published 5 November, 2015
The Honourable Prime Minister of India, Shri Narendra Modi has launched the Indian Gold Coin and Indian Gold Bullion at 7 Race Course Road, New Delhi on 5 November 2015. Both, the coin as well as the bullion will be the first ever national gold offerings by 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. 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.
Government has mandated MMTC Ltd., A Government of India Enterprise, under the Ministry of Commerce and Industry, Department of Commerce to launch the Indian Gold Coin and the Indian Gold Bullion. These will be minted by the Security Printing and Minting Corporation of India Limited (SPMCIL) and hallmarked by the Bureau of Indian Standards (BIS). The World Gold Council will be the marketing associate in this venture to create awareness about the coin and the bullion.
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. 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 cities including Jaipur, Ludhiana, Bhubaneswar, Puri, Barbil, Kolkata, Goa, Ahmedabad, Visakhapatnam, Hyderabad, Bellary, Chennai, Delhi, Bengaluru and Mumbai. Several banks and India Post will soon be added to increase the availability and distribution.
For more information, visit www.indiangoldcoin.com.
Note to editors:
MMTC is one of the largest importer of gold and silver in the Indian sub-continent and supplies gold on loan and outright basis to the exporters, bullion dealers and jewellery manufacturers on all India basis. MMTC retails gold and silver medallions & its own branded Sterling Silverware (Sanchi) with showrooms in all the major metro cities of India. MMTC also markets branded hallmarked gold and studded jewellery. duly accredited with Bureau of Indian Standards. MMTC was the pioneer in setting up assay and hallmarking units for testing purity of gold and silver.
Besides organizing major jewellery exhibitions in India & abroad, MMTC also has a medallion manufacturing unit for minting of Gold/Silver medallions.
Bureau of Indian Standards
The Bureau of Indian Standards (BIS) is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution, and Government of India. It is established by the Bureau of Indian Standards Act, 1986 which came into effect on 23 December 1986. The Minister in charge of the Ministry or Department having administrative control of the BIS is the ex-officio President of the BIS.
BIS has members drawn from Central or State Governments, industry, scientific and research institutions, and consumer organizations. Its headquarters are in New Delhi, with regional offices in Kolkata, Chennai, Mumbai, Chandigarh and Delhi and other branch offices.
Security Printing and Minting Corporation of India Limited
Security Printing and Minting Corporation of India Limited (SPMCIL) was formed after corporatisation of nine units including four mints, four presses and one paper mill which were earlier functioning under the Ministry of Finance. The Company was incorporated on 13.01.2006 under the Companies Act, 1956 with its headquarters at New Delhi. SPMCIL, a Miniratna Category-I CPSE, and wholly owned Schedule ‘A’ Company of Government of India, is engaged in the manufacture of security paper, minting of coins, printing of currency and bank notes, non-judicial stamp papers, postage stamps, travel documents, etc.
World Gold Council
The World Gold Council is the market development organisation for the gold industry. Our purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market.
We develop gold-backed solutions, services and products, based on authoritative market insight and we work with a range of partners to put our ideas into action. As a result, we create structural shifts in demand for gold across key market sectors. We provide insights into the international gold markets, helping people to understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society. The membership of the World Gold Council includes the world’s leading and most forward thinking gold mining companies. For more information log into www.gold.org.