Indian Overseas Bank (IOB) has become the first bank to commence the sale of Indian Gold Coin (IGC) in the domestic market. It has tied up with Metals and Minerals Trading Corporation of India (MMTC) for the sale of IGC of 24 carat purity.
The Indian Gold Coin has the national emblem “the Ashok Chakra” engraved on one side and the face of Mahatma Gandhi on the other side. The coin also carries advanced anti-counterfeit features and comes in tamper proof packaging. It’s very safe and easily recyclable. The current denominations available in the coins are 5, 10 and 20 gm.
The Indian Gold Coin is the first ever national gold offering by the Center. This was launched by Prime Minister Narendra Modi on November 5, 2015. The IGC in Delhi was launched in the presence of Alok Pande, Director in the Department of Financial Services, Finance Ministry, and Anand Trivedi, Director (PMS), MMTC, besides other senior officials.
This gold coin is minted by the Security Printing and Minting Corporation of India Ltd and hallmarked by the Bureau of Indian Standards. The Indian gold coin is unique in many respects. The coins are minted in India and these Indian gold coin will be of 24 karat purity and 999 fineness.
Extra Info :
IOB CEO & MD : R. Koteewaran
IOB Headquarter : Chennai, Tamilnadu
So now lets discuss some questions related to this article which can be asked in the upcoming exams :
1. Name the bank which has become the 1st bank to sell Indian Gold Coins ?
2. Expand the term IGC & MMTC ?
3. What are the the denominations available in the IGC ?
Courtesy : The Hindu