The Prime Minister Narendra Modi launched the three Gold related Schemes i.e. Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme and the Gold Coin and Bullion Scheme on 5th November 2015 in the national capital.
The GMS will replace the existing Gold Deposit Scheme, 1999. However, the deposits outstanding under the Gold Deposit Scheme will be allowed to run till maturity unless the depositors prematurely withdraw them.
Resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the scheme.
The minimum deposit at any one time shall be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of gold. There is no maximum limit for deposit under the scheme.
Main features of Gold Coin and Bullion Scheme:
The Indian gold coin & bullion is a part of the Gold Monetisation Programme.
The coin will be the first ever national gold coin minted in India and will have the National Emblem of Ashok Chakra engraved on one side and Mahatma Gandhi on the other side .
Initially the coins will be available in denominations of 5 and 10 grams.
A 20 gram bullion will also be available. Initially, 15,000 coins of 5gm, 20,000 coins of 10 gm and 3,750 of bullions of 20 gm will be made available through MMTC outlets.
The Indian Gold coin & bullion is unique in many aspects and will carry advanced anti-counterfeit features and tamper proof packaging.
The Indian Cold coin & bullion will be of 24 karat purity and 999 fineness.
All coins & bullion will be hallmarked as per the BIS standards.
These coins will be distributed initially through designated & recognised MMTC outlets and later through specified bank branches and post offices.