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MMTC eyes tie-up with India Post for gold coins

Firm will finalise 100-150 branches for selling Indian Gold coins in two weeks time

Policy Pulse
Publish Date: Apr 6 2016 12:11PM | Updated Date: Apr 6 2016 12:11PM

MMTC eyes tie-up with India Post for gold coins

 The Indian gold coins may soon be available across the country. 

MMTC, the government agency handling marketing of the first such national coins, is likely to enter into an agreement with India Post shortly for the purpose, officials said. 
While Indian Overseas Bank has started distributing these coins through limited branches, talks are on with the State Bank of India, UCO bank and ICICI BankBSE -1.29 % to sell these coins that carry Ashoka Chakra on one side and Gandhiji's logo on the other side. MMTC's initiative comes at a time when gold prices increased 16.2% in the first three months of the year, the biggest quarterly rise since 1986. 
"The coins were being initially minted at the government mint in Mumbai. Now the Kolkata mint has also started producing these coins," an official said. The coins are available in 5 gm and 10 gm options, along with a 20 gm bar. The 24-carat coins and bar come with 999 purity. 
The government has also allowed MMTCBSE 1.48 % to use the gold that is being deposited under the Gold Monetisation Scheme, mostly from temples, for minting the Indian Gold Coins. Prime Minister Narendra Modi had announced the launch of the India Gold Coin on November 5 last year.