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Indian Overseas Bank plans to sell Indian gold coins across 21 branches in Mumbai on the occasion of Gudi Padwa, on Friday. The coin will be available in denominations of 5 grams, 10 grams coin and 20 grams bar.
Ved Prakash, Chairman and Managing Director of MMTC, said the festival of Gudi Padwa marks the beginning of a new year in Maharashtra and the bank has taken commendable decision to keep branches in Mumbai open on despite a local holiday.
Minted in India, the 24 karat purity and 999 fineness coins have the Ashok Chakra engraved on one side, and the face of Mahatma Gandhi on the other. The coins are priced in a transparent manner and the gold for making the coins is sourced from temples and consumers, under the government’s gold monetisation programme.
The government had mandated MMTC to manage the supply and handle retailing. Currently, it is retailed through 20 of MMTC outlets nationally.
These coins are minted by the India Government Mint - Security Printing and Minting Corporation of India, and hallmarked by the Bureau of Indian Standards.
The World Gold Council is the marketing associate in this venture to create awareness about the coin.
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