Indian Gold Coin Scheme: The Central Authorities not too long ago authorised a number of amendments to the Indian Gold Coin Scheme. The change in guidelines is anticipated to popularise Indian Gold Cash and make them immediately obtainable to patrons by a number of advertising and marketing channels, together with on-line e-commerce platform and thru MMTC, jewellers, banks, India Publish and so on.
The Authorities has allowed the Safety Printing and Minting Company of India (SPMCIL) to mint Indian Gold Coin (IGC) in smaller denominations of 1 gram and a pair of grams. Earlier than the modification, IGC was minted in denominations of 5, 10 and 20 grams solely.
Indian Gold Coin was first launched by Prime Minister Narendra Modi on fifth November 2015 with an intention of lowering the import of overseas minted gold bullion or cash. The scheme is at the moment being carried out by MMTC with IGCs minted by SPMCIL. Indian Gold Coin is the first-ever nationwide Gold Coin with superior safety features. Additionally it is the one BIS hallmarked Gold coin in India.
Listed here are another key factors of the amendments to the Indian Gold Coin scheme it is best to know:
Now, SPMCIL can even mint and promote India IGC by a web-based e-commerce platform, and by way of a number of channels together with Airports
- SPMCIL will mint and promote IGC by a web-based e-commerce platform, as executed by a number of Nationwide Mints.
- IGC can even be made obtainable by SPMCIL by a number of advertising and marketing channels, together with MMTC, jewellers, banks, India Publish, and so on. for direct gross sales.
- SPMCIL can even service export orders on IGCs by its e-commerce portal at costs primarily based on a Board authorised coverage.
- IGCs will probably be made obtainable on the market in obligation free counters in any respect Worldwide Airports in India by companions.
IGC will probably be made obtainable in 995 fineness additionally
At present, IGC is manufactured in 24 carat of 999 fineness solely. As per the brand new guidelines, now IGC will probably be made obtainable in 24 carat of each 999 and 995 purity.
IGC in smaller denominations
The Authorities has allowed SPMCIL to mint IGC in smaller denominations of 1 gram and a pair of grams additionally along with different current denominations (of 5,10 and 20 grams).
SPMCIL Mumbai has been offered flexibility to mint commemorative gold cash, Order Gold Cash for gold holders like temples/trusts, and so on., introduce variants of IGC, and so on. on particular events.
The amendments to the Indian Gold Coin Scheme had been notified by the Finance Ministry by an Workplace Memorandum in February 2021.