PM Modi has announced the launch of Ashok-Chakra bearing gold coins in denomination of 5 grams and 10 grams. The security printing and minting corporation of India would be minting these coins. Initially 20,000 coins of 5 gram and 30,000 coins of 10 gram would be made available. The gold coins would be made available at prices lower than the market rate and will be distributed through branches of banks and post offices.
The country has been using foreign gold coins, while the bullion bars currently circulated in the country are used abroad. Government hopes to generate some investment in the lackluster market and reduce country’s dependence on imported gold coins. Moreover there’s a perceived demand among buyers regarding Indian gold coins. The Indian Gold coin would also have lower prices pertaining to a 5-6% premium price as compared to 8- 10% premium price on foreign gold coins. The government is also increasing the demand for gold which has been declining since past few quarters.
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