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Now India's very own gold coins

Section: Daily Dispatches

By Rajalakshmi Nirmal
The Hindu, Chennai, India
Sunday, April 10, 2016

Indian Overseas Bank kicked off sale of Indian gold coins on Friday at its branches in Mumbai on the occasion of Gudi Padwa. The Reserve Bank of India 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 United States, 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. ...

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