Public sector major MMTC has joined hands with HDFC Bank, ICICI Bank and Andhra Bank to retail gold coins with a new buyback option. Besides its own outlets across the country, MMTC has tied up with Indian Overseas Bank, Vijaya Bank, Federal Bank and YES Bank to sell gold coins in denominations of 5 gm and 10 gm coin and 20 gm bar. MMTC has also announced a transparentbuyback of gold coins made of recycled gold. It will repurchase the gold coins if they are given back intact in the same tamper-proof packaging with the original invoice at MMTC outlets.
Launched last year, the Indian Gold Coin has the national emblem Ashoka Chakra engraved on one side and Mahatma Gandhi on the other side.
Hallmarked by the Bureau of Indian Standards, the 999 fineness coins are of 24 karat purity and are minted by the India Government Mint in Mumbai and Kolkata, said MMTC.
Ved Prakash, Chairman and Managing Director, MMTC, said in the last one year of the launch of the Indian gold coin, seven leading banks in India have started retailing the coins and would partner more banks soon to widen the distribution.
Prithviraj Kothari, Director, RiddiSiddhi Bullions, said gold and silver prices were likely to remain subdued this calendar year as the dollar strengthens against major global currencies, besides a host of other weak fundamentals acting against precious metals.
The gold import bill fell to a decade-low of $7.2 billion in the first six months of this year, according to Commerce Ministry data.