RBI allows designated banks to sell India Gold Coin

The Reserve Bank of India (RBI) has allowed designated banks to sell India Gold Coins (IGC) minted by MMTC.

MMTC was authorized by the Central Government to manufacture India Gold Coins (IGC) with Ashok Chakra and supply these coins to the domestic market. Also, MMTC noted that the gold used for the manufacture of these coins is only that mobilized domestically under the existing Gold Deposit Scheme (GDS) and Gold Monetization Scheme (GMS).

The designated banks under the Scheme would be permitted now to sell the coins. The terms and conditions of the sale would be defined as per the contract between the designated bank and MMTC’, as per RBI, reports add.