Of the four gold related investment schemes to be launched on 05th November, 2015 by India's honorable prime minister Shri. Narendra Modi, Gold Coin Scheme is one of them. Since the launch date is before the auspicious occasion of Diwali also called as festival of lights, it is expected to attract more buyers because during Diwali festive season, Indians consider gold purchase very auspicious and traditionally it is during this season people buy good amount of gold.
What is so special about this gold coin?
- For the first time there will be official Indian gold coin bearing the national emblem of Ashok Chakra engraved on one side of the coin and Mahatma Gandhi on the other side. Currently there are gold coins in the market with mostly Indian gods engraved on them.
- The coin has advanced anti-counterfeit features which will prevent in creation of fake coins.
- Its packaging too is very strong and cannot be tampered easily.
- Coins are extremely pure weighing 24 Karat and has 999 fineness i.e. 99.9% pure which is highest level of purity.
Weight:
- The gold coins would be available in the denominations of 5 grams and 10 grams.
- 20 grams bar/bullion will also be available.
- Coins are hallmarked as per the BIS standard.
- During the initial launching phase, government would launch 15,000 coins of 5 grams, 20,000 coins of 10 grams and 3,750 gold bullions.
Where to buy these gold coins from?
Individual's can buy it from designated and recognized Metals and Minerals Trading Corporation of India (MMTC) outlets. MMTC is India's largest importer of gold and largest bullion supplier.
Documents required for purchasing gold coin:
KYC documents which includes Voter ID, Aadhaar Card or PAN etc will have to be produced while purchasing the gold coin.
Where else you can purchase gold coins in India?
Selling and purchasing of gold coins as per market rate is very common in India and can be purchased from:
- Banks: ICICI Bank, SBI, Axis Bank, HDFC Bank, Union Bank of India, Bank of Baroda, PNB and many others.
- Jewelers: Trusted jewelry brands such as Tanishq, PN Gadgil, Gitanjali and others
- eCommerce Company: Amazon, Candere, Snapdeal and others
However when you compare the rates of banks and jewelers then you'll be surprised to the see the huge difference. Banks usually sell it at a high price as they also charge premiums and normally the returns from the gold coins bought from banks are higher.
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