SITE MAP     CONTACT US     DISCLAIMER  
   About Us     Useful Information     FAQs     Financial Education     Complaints   Other Links   Extra Curricular
Search
Period
From  
To  
Archives
   
Home >> Notification - Display
Note : To obtain an aligned printout please download the (58.00 kb ) version to your machine and then use respective software to print the story.
Date: 21/01/2016
Sale of India Gold Coin (IGC)

RBI/2015-16/298
DBR.IBD.BC.75/23.67.001/2015-16

January 21, 2016

All Scheduled Commercial Banks (excluding Regional Rural Banks)

Dear Sir/Madam,

Sale of India Gold Coin (IGC)

As you are aware, MMTC has been authorized by the Central Government to manufacture India Gold Coins (IGC) with Ashok Chakra and supply these coins to the domestic market. MMTC has clarified to the Reserve Bank that the gold used for the IGC will be only that mobilized domestically under the existing Gold Deposit Scheme (GDS) and Gold Monetization Scheme (GMS).

2. In view of this, it has been decided to allow the designated banks as defined in the Master Direction on Gold Monetization Scheme, dated October 22, 2015, to sell the IGCs minted by MMTC. The terms and conditions shall be as per the contract between the designated bank and MMTC.

3. The current restriction on selling of imported gold coin by the banks as contained in FED (AP. Dir) circular No.79 dated February 18, 2015 will continue.

Yours faithfully

(Rajinder Kumar)
Chief General Manager

 
  © Reserve Bank of India. All Rights Reserved.

Best viewed in 1024x768 resolution in IE 5 and above.