RBI permits banks to sell Indian Gold Coins
Q. RBI has allowed banks to take which action?- Published on 22 Jan 16a. Sell Indian Gold coins
b. Buy Indian Gold coins
c. Both a and b
d. Neither a nor b
ANSWER: Both a and b
RBI permits banks to sell Indian Gold Coins with Ashok Chakra minted by MMTC via their branches. This terms and conditions shall be as per a contract between MMTC and designated banks. MMC has made the decision that gold used for IGC will be mobilised domestically under the Gold Deposit Scheme and Gold Monetisation Scheme. Coins are available in denominations of 5 and 10 grams while a 20 gram bullion is being manufactured by MMTC. India imports 1000 tonnes of gold each year, draining out the foreign exchange and plain pressure on fiscal deficit.
