The Indian Gold Coin Scheme is the Government of India's first ever gold offering. The scheme is among the three gold schemes launched by the Prime Minister in the year 2015 and is currently being run by MMTC. Recently, the centre has approved several changes in the Indian Gold Coin Scheme.
So with the changed rules, there is expected that the scheme shall gain popularity and the gold coins will be easily available to buyers through the various marketing channels such as e-commerce portals, jewellers, banks, post office and via MMTC.
Changes in Indian Gold Coin Scheme
1. The centre has allowed the Security Printing and Minting Corporation of India (SPMCIL) to mint Indian Gold Coin (IGC) in smaller denomination of 1 gm and 2 gm. Earlier they were minted in denominations of 5, 10 and 20 gms only.
2. Indian Gold Coin is the first ever national Gold Coin and is loaded with sophisticated security features. Also, it is the only BIS hallmarked gold coin in the country.
Other amendments to the IGC scheme that you should know:
1. SPMCIL will also engage in the minting and selling of Indian Gold coin via e-commerce platforms and other channels including airports.
2. SPMCIL will also service export orders for IGCs via its e-commerce gateway at prices agreed as per the Board approved policy.
3. They will be available for sale at duty free counters at all International Airports in India through partners.
4. IGC will also be available in 995 fineness. At present it is manufactured in 24K of 999 fineness only. So, with the new rules in place, IGCs shall be available in 24K of both 999 and 995 purity or fineness.
5. SPMCIL Mumbai has been given the flexibility to mint commemorative gold coins, order gold coins for temples, trusts etc, as well as launch variants of IGCs on special occasions.