MMTC Pamp launches new gold coin ‘Tola’ ahead of Akshaya Tritiya

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New Delhi | Updated: May 6, 2016 6:38:09 PM

Akshaya Tritiya: MMTC Pamp has launched new gold coin 'Tola' of 11.6639 grams and said it would mint 0.5 million pieces of these coins in the current fiscal.

Gold coinAkshaya Tritiya: MMTC Pamp has launched new gold coin ‘Tola’ of 11.6639 grams and said it would mint 0.5 million pieces of these coins in the current fiscal. (Photo: Reuters)

MMTC Pamp on Friday launched new gold coin ‘Tola’ of 11.6639 grams and said it would mint 0.5 million pieces of these coins in the current fiscal ahead of Akshaya Tritiya festival to be celebrated on May 9.

The company already mints different designs of gold and silver coins. MMTC-Pamp also has plans to launch half and quarter ‘Tola’ gold coins in the coming months.

The ‘Tola’ is an octagonal shaped coin with distinctive knurled edges and an intricate finish with 999.9 pure gold. It has the design of a traditional weighing balance and the reverse features ‘potli’ containing one hundred ratti seeds.

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MMTC Pamp is a joint venture between state-run MMTC and Switzerland’s PAMP. It has an installed capacity to refine 200 tonnes of gold and 600 tonnes of silver per annum. It has a capacity to mint 2.5 million pieces in gold or silver.

“For centuries, gold was measured in tola but the advent of metric system overtook this historical association. We have tried to capture the ancient wisdom and heritage in the ‘Tola’ coin,” MMTC-Pamp Managing Director Rajesh Khosla said.

In its initial phase, Khosla said that the ‘Tola’ coin will be available for purchase in select outlets of MMTC-Pamp outlets, Stock Holding Corporation of India (SHCIL), Indian Potash Ltd, as well as reputed jewellers in 28 cities including Chennai.

He further said that MMTC Pamp has also integrated a buy-back option at prevailing market price of gold that can presently be availed at its company-owned retail outlets in Bangalore, Chennai, Coimbatore, Delhi and Hyderabad.

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