India nurtures demand for own gold bullion issues
- Published: Oct 19, 2016, 4 AM
Since Indian Gold Coin and Indian Gold bullion bars were introduced on Nov. 5, 2015, in total 185 kilograms of gold, just over 6,525 ounces, in a combination of 5- and 10-gram 24-karat gold bullion coins and rectangular 20-gram bars have been sold, according to World Gold Council.
The coins and bars bear a rendition of the Ashoka Chakra emblem on the obverse and a portrait of Mahatma Gandhi on the reverse. The coins and bars, hallmarked by the Bureau of Indian Standards (BIS), are housed in tamper-proof packaging.
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The Indian government has mandated MMTC Ltd., A Government of India Enterprise, under the Department of Commerce, Ministry of Commerce and Industry to execute the Indian Gold Coin project. The project’s gold bullion coins and bars are 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 is the marketing associate in this venture to create awareness of the coin.
To access the WGC’s complete commissioned market research, visit here.
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