The Central Government recently approved several amendments to the Indian Gold Coin Scheme. The change in rules is expected to popularise Indian Gold Coins and make them directly available to buyers
Indian Gold Coin Scheme: The Central Government recently approved several amendments to the Indian Gold Coin Scheme. The change in rules is expected to popularise Indian Gold Coins and make them directly available to buyers through multiple marketing channels, including online e-commerce platform and through MMTC, jewellers, banks, India Post etc.
The Government has allowed the Security Printing and Minting Corporation of India (SPMCIL) to mint Indian Gold Coin (IGC) in smaller denominations of 1 gram and 2 grams. Before the amendment, IGC was minted in denominations of 5, 10 and 20 grams only.
Indian Gold Coin was first launched by Prime Minister Narendra Modi on 5th November 2015 with an aim of reducing the import of foreign minted gold bullion or coins. The scheme is currently being implemented by MMTC with IGCs minted by SPMCIL. Indian Gold Coin is the first-ever national Gold Coin with advanced security features. It is also the only BIS hallmarked Gold coin in India.
Here are some other key points of the amendments to the Indian Gold Coin scheme you should know:
Now, SPMCIL will also mint and sell India IGC through an online e-commerce platform, and via multiple channels including Airports
- SPMCIL will mint and sell IGC through an online e-commerce platform, as done by several National Mints.
- IGC will also be made available by SPMCIL through multiple marketing channels, including MMTC, jewellers, banks, India Post, etc. for direct sales.
- SPMCIL will also service export orders on IGCs through its e-commerce portal at prices based on a Board approved policy.
- IGCs will be made available for sale in duty free counters at all International Airports in India through partners.
IGC will be made available in 995 fineness also
Currently, IGC is manufactured in 24 carat of 999 fineness only. As per the new rules, now IGC will be made available in 24 carat of both 999 and 995 purity.
IGC in smaller denominations
The Government has allowed SPMCIL to mint IGC in smaller denominations of 1 gram and 2 grams also in addition to other existing denominations (of 5,10 and 20 grams).
SPMCIL Mumbai has been provided flexibility to mint commemorative gold coins, Order Gold Coins for gold holders like temples/trusts, etc., introduce variants of IGC, etc. on special occasions.
The amendments to the Indian Gold Coin Scheme were notified by the Finance Ministry through an Office Memorandum in February 2021.