India to launch first ever national gold coin in October

Published: Sep 29, 2015 09:36 (GMT+8)

Save

The Metals and Minerals Trading Corporation (MMTC) will manufacture and market ‘India Gold Coins’-the national coin of the country.

By Paul Ploumis 28 Sep 2015 Last updated at 08:13:18 GMT

NEW DELHI (Scrap Monster): The Metals and Minerals Trading Corporation (MMTC) under the Union Commerce Ministry will manufacture and market ‘India Gold Coins’-the national coin of the country. This is the first time that the country will be launching national coin. The initiative is linked to the recently announced gold monetization scheme.

The launch of the coins is scheduled to be held in October before the commencement of festive season. The gold coins will come in 5 grams and 10grams weight and would have the face of Mahatma Gandhi and Asoka Chakra engraved on them. The coins will be considered as the national coin of India, stated Ved Prakash, Managing Director, MMTC.

According to sources, MMTC may not need to import gold in order to manufacture the coins, as the required gold for making coins will be sourced from the gold collected as part of the government’s new gold monetization scheme. The monetization scheme targets around 22,000 tonnes of idle gold lying with Indian households and temple vaults.

The state-owned agency plans to produce 20,000 gold coins per month initially. Depending on customer demand, the production of gold coins may be scaled higher to 50,000 per month. The sale of coins will be through MMTC offices and showrooms. As per sources, MMTC is already in talks with the Indian Postal Department and the State Bank of India authorities to strike a deal so as to sell these coins through post offices and bank branch outlets. The coins will also be made available for sale in overseas countries with sizable non-resident Indian population such as the US, the UK and South Africa.

Prime Minister Narendra Modi is to unveil the ‘India Gold Coins’ during October this year.

India gold demand India gold coin

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

Asante gains more time to arrange US$100 million for Ghana mines

[SMM Gold Flash] On 30th September 2026, Asante Gold announced that its senior lenders, stream purchaser and hedge counterparty had agreed to extend its deadline for securing at least US$100 million in new funding to 31 October. The deadline for a cost-to-complete certificate moved to 31 March 2027. Asante said it had agreed funding terms with Fujairah Holding, which requested more time for internal approvals. Final approval and signed funding agreements remain outstanding. The extensions give Asante more time to address financing requirements affecting its operating Bibiani and Chirano gold mines in Ghana. They do not resolve the funding requirement: completion of the proposed package is the next material milestone.

2 hours ago

Oct 02, 2026 15:49 (GMT+8)

Ghana draft bill proposes state special share and shorter mining leases

[SMM Gold Flash] A draft mining bill reviewed by Reuters on 30 September would let Ghana’s mines minister require companies to issue the state a free special share with consent rights over major transactions. It would retain the existing 10% free-carried state interest and limit mining leases to 15 years or the projected mine life, whichever is shorter. The draft would also allow future rules requiring local processing and restricting exports of unprocessed concentrates. None of these proposals has been enacted; Reuters did not establish when the draft was prepared. For Ghana’s gold miners, the proposed rights and shorter leases could affect financing, valuations and renewal decisions. Under the draft, existing rights holders seeking renewal would receive priority consideration for equivalent licences. Mining companies expect further consultation before parliamentary debate, Reuters reported. The final wording and timing remain uncertain.

Oct 02, 2026 15:49 (GMT+8)

Oct 01, 2026 16:43 (GMT+8)

Ariana reports water strike as Dokwe feasibility work advances

[SMM Gold Flash] Ariana Resources said on 30 September that three of 12 planned water boreholes had been completed north of its Dokwe gold project in Zimbabwe. The third hole, about 10 km from the deposit, encountered what the company described as strong flows of good-quality water; it did not disclose a sustained pumping yield. Ariana also reported completion of six geotechnical holes totalling 1,251 metres at Dokwe Central. Laboratory testing and an independent mineral resource estimate remain in progress. A dependable water source and geotechnical data are needed to design the proposed processing plant and open pit. The results advance the feasibility work but do not establish mine water supply capacity or a final reserve. Ariana plans further sterilisation drilling and surveys; those programmes had not begun in this announcement, and Dokwe is not producing gold.

Oct 01, 2026 16:43 (GMT+8)