Prime Minister NarendraModiwill launch the first eternally ‘India gold coin’ bearing Ashok Chakra and other schemes on November 5.Apart from launching Ashok Chakra bearing coins of 5 gm and 10 gm, Modi will also introduce Gold monetisation and Sovereign Gold Bond schemes. This scheme is being launched to utilise 20,000 tonnes of inert gold lying with households and temples.
India gold coin bearing Ashok Chakra would initially it would be available in 5 gm and 10 gm.Government will launch gold monetisation, gold bond scheme and Indian gold coin plan on November 5 to cash in on the Diwali season. The schemes will be launched by the Prime Minister. Security printing and Minting Corporation of India Ltd will be minting these coins. 20,000 coins of 5 gm and 30,000 coins of 10 gm would be made available. These coins would be cheaper than market rate and will be issued through branches of banks and post offices.
India is a major consumer of gold. People buy the valuable metal on different festivals, marriage and also for investment purpose. The government had in September cleared the gold monetisation scheme aimed at tapping part of an approximated 20,000 tonnes of inactive gold worth about Rs 5,40,000 crore into the banking system and also distributing sovereign bonds as an alternative to the valuable metal.
Sovereign gold bonds will be proposed in tranches and the interest would be payable in the rupee. As regards the sovereign gold bond scheme, the government aims to raise Rs 15,000 crore and the timing of the launch will be distributed in consultations with the Reserve Bank. The decision to issue Indian gold coins and gold monetisation and bond scheme follows a declaration made by Finance Minister Arun Jaitley in his 2015-16 Budget speech.
