India has launched its first ever national gold coin which is engraved with the emblem of Ashok Chakra on one side and the face of Mahatma Gandhi on the other side.
Initially, the coins will be available in denominations of 5 and 10 grams. A 20 grams bar/bullion will also be available.
A finance ministry statement said 15,000 coins of 5gm, 20,000 coins of 10 gm and 3,750 Gold bullions will be available initially.
Pricing of Indian Gold Coins
- 5 gm Indian Gold Coin – Total Quantity: 15,000 coins – Price Rs 14,600
- 10 gm Indian Gold Coin – Total Quantity: 20,000 coins – Price Rs 28,900
- 20 gm Indian Gold Coin – Total Quantity: Unavailable – Price Rs 57,600
- Gold Bullion (Bars) – Total Quantity: 3,750 – Price – Not Yet Available
The Indian gold coin is unique in many respects. Here are its features:
- Minted in India.
- Purity: The Indian gold coin will be of 24 karat purity and 999 fineness.
- Hallmarked: All coins will be hallmarked as per the BIS standards.
- Security: The tamperproof packaging and advanced anti-counterfeit features on the coin cover make s it very safe and easily recyclable.
- Availability: This coin will be distributed through designated & recognised state-owned Metals and Minerals Trading Corporation of India (MMTC) outlets.
So should you buy this coin ?
The current price of gold on 5th November is Rs 26,250 for 10 gms of gold. The gold coin is priced at a rate which is 10% higher than the prevailing market rate.
However because of the limited quantity and hype surrounding the scheme, it is expected to fetch more value as time passes, says India Micro Finance.
The price is expected to rise over the years as Indians have an insatiable demand for gold , so it is a good investment and might fetch hefty premium decades from now provided it is minted in limited quantities.
Where can you buy this coin ?
India gold coins are currently available only at MMTC outlets across the country.
The cities where these outlets are based is given below :
Ahmedabad, Barbil, Bellary, Bengaluru, Bhubaneswar, Chennai, Goa, Hospet, Hyderabad, Jaipur, Kolkat, Ludhiana, Mumbai, New Delhi, Puri, Visakhapatnam
The addresses of different stores spread across the country is available on this website.
This post was originally published on 7 November 2015.