The Indian Overseas Bank (IOB) will sell the “Indian Gold Coin” in Mumbai on Friday on the occasion of the Marathi festival of Gudi Padwa. The coins will be available in denominations of 5 grams, 10 grams and 20 grams. They have the Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other.
Gudi Padwa marks the beginning of the new year in Maharashtra and is considered auspicious for buying precious metals like gold.
As many as 21 branches of the IOB in Mumbai will remain open to sell the sovereign gold coins, a spokesperson of the bank said in a statement. The coins are priced in a transparent and competitive manner and hallmarked by Bureau of Indian Standards (BIS), the statement added.
The coins boast of 24 karat purity and 999 fineness assuring consumers of purity. They are also retailed through 20 MMTC outlets across the country.
According to MMTC chairman Ved Prakash the coin is a “symbol of purity, standardisation and monetisation, making it an ideal purchase for those planning to buy gold this Gudi Padwa”.
In November last year, Prime Minister Narendra Modi launched the sovereign gold coin along with two schemes on gold, as the government aimed to broaden the investment choices for individuals as well as households, and also discourage imports of the precious metal.