Saturday, January 23, 2016

Sale of India Gold Coin (IGC)



MMTC has been authorized to manufacture India Gold Coins (IGC) with Ashok Chakra and supply it to the domestic market. Only the gold mobilized domestically under the existing Gold Deposit Scheme (GDS) and Gold Monetization Scheme (GMS) shall be used for IGC.

It has been decided to allow the designated banks, to sell the IGCs minted by MMTC. The terms and conditions will be guided by the contract between the designated bank and MMTC.

The current restriction on selling of imported gold coin by the banks will continue.

Based on RBI Circular dt 21/01/16. Please visit www.rbi.org.in for any further clarification if required….. Poppy