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RBI allows banks to sell India Gold Coins with Ashok Chakra minted by MMTC
Reserve Bank has permitted banks to sell India Gold Coins (IGC) with Ashok Chakra minted by MMTC through their branches. RBI said in a notification.The terms and conditions shall be as per the contract between the designated bank and MMTC. MMTC has clarified that the gold used for the IGC will be only that which is mobilised domestically under the existing Gold Deposit Scheme (GDS) and Gold Monetization Scheme (GMS), it said. Coins are available in denominations of 5 and 10 grams while a 20 gram bullion is also being manufactured by MMTC.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit. An estimated 20,000 tonnes of gold worth over Rs 52 lakh crore is lying with households and temples. Under the Gold Monetisation Scheme (GMS), 2015, banks will collect gold for up to 15 years to auction them off or lend to jewellers from time to time. Depositors will earn up to 2.50% interest per annum.