Gold Coin / Bullion Scheme
Indian Gold Coin (IGC) refers to the first ever national gold coin issued by Metals and Minerals Trading Corporation of India (MMTC) with the National Emblem of Ashok Chakra engraved on its one side.
The coin, issued on 5th November 2015 is of 24 karat purity & 999 fineness.
The Indian gold coin is a part of the Gold Monetisation Scheme (GMS) and its introduction was announced in the Union Budget 2015-16. The banks accepting gold deposits from resident entities under GMS sell the gold accepted under short term tenure (1-3 years) to Metals and Minerals Trading Corporation of India (MMTC) for minting Gold Coins. The coins are then made available through designated & recognised MMTC outlets in denominations of 5 and 10 grams. A 20 gram bar/bullion is also made available. (To being with, 15,000 coins of 5gm, 20,000 coins of 10 gm and 3,750 Gold bullions are made available through MMTC outlets as per a press release dated 3 November 2015.)
All coins are hallmarked as per the Bureau of Indian Standards. The Indian Gold coin is stated to be unique in many aspects and carries advanced anti-counterfeit features and tamper proof packaging that aids easy re-cycling.
Indian Gold Coin is expected to help reduce the demand for coins minted outside India, while recycling the gold available in the country.