The Indian Gold Coin, India’s first sovereign gold product, will be sold at more outlets on Akshaya Tritiya, according to MMTC, a government enterprise entrusted with the task of manufacturing and promoting these coins, said.
It will be available for sale at 42 hub branches of the Indian Overseas Banks (IOB), 20 MMTC outlets and select branches of the Phulkari Emporium in Chandigarh and New Delhi, MMTC said. The coins having the Ashok Chakra on one side and face of Mahatma Gandhi on the other will be retailed in 31 cities. The coins are available in denominations of five, 10 and 20 grams, and will also be available at other bank branches and India Post outlets, MMTC said.
Ved Prakash, CMD, MMTC said, “This year, Indians have the option of buying gold in its purest form. It is our endeavour to encourage consumers to choose the Indian Gold Coin as their preferred purchase.”
The Indian Gold Coin is among the key initiatives of the gold reform schemes introduced in November 2015 by Prime Minister of India Narendra Modi under the Make in India and gold sourced from Temples under Domestic Gold Deposit Scheme/Gold Monetisation Programme.
Meanwhile, the All India Gems and Jewellery Trade Federation (GJF) expects good growth in sales on Akshaya Tritiya (May 9) across India. Consumer demand is expected to be strong due to the ongoing wedding season, it said.
GV Sreedhar, chairman, GJF, in a statement said, “Traditionally, Indians buy jewellery on Akshaya Tritiya and we expect a growth of 10-15 per cent over last year due to pent-up demand that was unfulfilled due to non-availability of products in previous months.”
He added, “Many jewellers have undertaken aggressive promotional campaigns and lucrative offers to stimulate demand and customer queries, walk-ins have increased. Overall, we are quite positive.”
The coins have the Ashok Chakra on one side and the face of Mahatma Gandhi on the other
