Budget 2015: Jaitley says India will get its own gold coin with Ashoka Charka on it
India will soon have its own gold coin, with the Ashoka Chakra minted on it.
New Delhi: India will soon have its own gold coin, with the Ashoka Chakra minted on it. Finance Minister Arun Jaitley Saturday proposed to produce gold coins domestically with the Ashoka Charka emblem to help the government recycle gold internally.
"I propose to mint gold coins with the Ashoka Charka which will help to recycle gold internally in India," he told the Lok Sabha during his budget speech.
Jaitley said Indian consumers depend on foreign gold coins to meet their needs which results in Indian cash landing up in external markets. India imports 800-1000 tonnes of the yellow metal each year.
Besides, the minister said he proposed to introduce a gold monetization scheme by which one can earn interest on gold savings. He also planned to introduce a sovereign gold bond scheme -- similar to mutual funds scheme.
According to revised Multi Commodity Exchange (MCX) data, gold futures rose 0.25 percent to Rs 50,372.00. Silver futures, on the other hand, fell 0.04 percent to reach Rs 60,900.00.
According to the Good Returns website, 10 grams of 22-carat gold is priced at Rs 46,250 in Mumbai, Delhi and Kolkata. The price of 24-carat gold in the three metros is Rs 50,450
If we look into the 24-carat gold rates, 10 grams of the precious yellow metal is being procured in New Delhi, Kolkata, and Mumbai at Rs 50,670