Metals and Minerals Trading Corp. to produce, market India's sovereign gold coins


Dillip Satapathy
Business Standard, New Delhi
Monday, September 28, 2015

BHUBANESWAR, India -- Metals and Minerals Trading Corp., under the Union commerce ministry, will manufacture and market sovereign gold coins in India and abroad.

"We have been given the responsibility. Finance minister Arun Jaitley had announced about the issue of these gold coins in his budget speech in February," MMTC chairman and managing director Ved Prakash told Business Standard.

The coins will be launched by Prime Minister Narendra Modi in October before the peaking of festive season gold buying for Dhanteras and Diwali.

The coins will come in 5 grammes and 10 grammes weight category. The price will be at par with coins sold by other agencies and banks.

"We are not taking it up as a commercial venture," said Prakash, adding that the design of the coins, with Ashok Chakra and the image of Mahatma Gandhi on them, has already been approved.

The state-owned trading company intends to produce 20,000 gold coins a month initially and would scale it up to 50,000 coins a month, depending on the demand. ...

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