To cash in on the gold craze among people in the region especially Punjab, MMTC limited has embarked on an expansion plan, announcing its collaboration with Punjab Small Industries and Exports Corporation (PSIEC) , to sell Indian gold coins.
The collaboration is the part of Metal and Minerals Trading Corporation’s (MMTC) major expansion plan of retail outlets and also aimed at providing genuine gold coins to the customers.
Announcing the association with PSIEC on Friday in Chandigarh, MMTC Chairman and Managing Director, Ved Prakash said, “The Indian gold coin will be retailed immediately through Phulkari Emporiums (PSIEC) at Chandigarh and in Punjab. The coin is the first ever national gold offering by the Government of India.”
He said that the Indian gold coins available in denominations of 5 and 10 grams and also, 20 grams bullion, would be available at Phulkari Emporium at Chandigarh, Amritsar, ludhiana, Jalandhar and Patiala.
Sanjiv Bawa, Additional Managing Director, PSIEC said, “The focus is to make available genuine gold coins to the customers through Phulkari outlets in Punjab and its capital city- Chandigarh. PSIEC in due course will also retail Indian gold coin and bars through Phulkari Emporia in other cities like Delhi and Kolkata.”
The Indian gold coin is among the key initiatives of the gold reform schemes launched this year by the Prime Minister Narendra Modi along with Sovereign gold bond and gold monetization scheme. Public sector trading agency, MMTC is manufacturing as well as marketing the gold coins, which is of 24 karat purity and has the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other.
Elaborating further on the MMTC’s expansion plans, Ved Prakash said, “The company plans to enhance its retail base by opening new showrooms on pan-India basis. At present, we have 22 outlets in the country and plan to open 150-200 retail outlets shortly through collaborations to sell Indian gold coins and bullion.”
To market these coins across the country, MMTC is already in talks with banks including ICICI, SBI, Indian Overseas Bank and also, India Post. We expect to finalize the collaborations in next one month following which full-fledged launch of Indian gold coins would be announced across the country, said the MMTC Chairman.
Accepting that the scheme is yet to get good response from the consumers, Ved Parkash said, “We expect that the demand of the national coin, which the country never had before, would definitely increase once it is launched pan-India and also, globally. We are also holding talks to launch the Indian gold coins in USA, UK, Canada, Singapore, UAE, particularly for NRI community.”
Asserting that Indian gold coin along with the gold monetization scheme will help in reducing dependence on imported coins, giving a boost to Indian economy, he said, “MMTC had held talks with temple trusts and boards, which have huge stocks of gold. Tirupati (Tirumala Venkateswara Temple), considered to be the country’s largest custodian of gold deposits, have agreed to deposit tonnes of gold under the scheme.”