Investors of physical gold can now use this reliable route to buy the yellow metal
by Rajalakshmi Nirmal
The Hindu BusinessLine
Indian Overseas Bank kicked off sale of Indian gold coins on Friday in its branches in Mumbai on the occasion of Gudi Padwa. The RBI had given the nod to banks in January to sell these coins.
These coins, minted in India, will have the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other and will join the global basket of national coins, including the American eagle coins (of the US), Panda coins (of China) and Maple Leaf coins (of Canada).
With a third of the gold demand in India (200-250 tonnes a year) coming from investors who buy coins/bars of gold, this new coin should see strong demand.