Dhanteras 2016: Buying gold on Dhanteras is considered auspicious in many parts of the country and many people prefer to invest in gold coins today.
Dhanteras 2016: Buying gold on Dhanteras is considered auspicious in many parts of the country and many people prefer to invest in gold coins today. So how much would you have to pay for a gold coin this year? According to MMTC, a government enterprise, the rate varies from approximately Rs 16,400 to Rs 65,000, depending on the weight of the gold coin that you choose to buy. The website says that for a 5 grams gold coin, you will have to pay Rs 16,436.00 today; for a 10 grams gold coin the rate is Rs 32,673.00 and for 20 grams it is Rs 65,149.00. All these prices, featured on the indiangoldcoin.com website of MMTC, are exclusive of VAT and other taxes.
These prices are for the ‘Indian Gold Coin’, which is the first ever national gold coin with the Ashoka Chakra on one side and Father of the nation, Mahatma Gandhi, on the other side. Indian Gold Coin was launched by Prime Minister Narendra Modi on November 5, 2015. This is a government promoted coin and the only BIS hallmarked coin in India, the website says. It has advanced counterfeit (security) features and tamper proof packaging. According to the website, the gold coin is of 24 karat purity and 999 fineness.
The coin is being retailed by recognised MMTC outlets and various banks such as HDFC Bank, ICICI Bank, Vijaya Bank, Yes Bank, Andhra Bank among others, across cities in the country. To find out the nearest retail oulet in your city, you can log on to the indiangold.com website and check in the ‘Where Can I Buy It’ tab. MMTC has said that through the Indian Gold Coin, the government aims to reduce dependence on gold imports to meet the local gold demand as the coin is being minted from the gold collected under Gold Monetisation Scheme.
MMTC has also announced a ‘Buy Back’ policy for the Indian Gold Coin through its own showrooms across India. The scheme was announced on October 20, this year. MMTC has said that it will repurchase the Indian Gold Coin, in intact tamperproof packaging and with original invoice, at the prevailing gold base rate while other branded players deduct up to 4% from the prevailing gold base rates for buying back their own gold products.