This Diwali buy gold coins bearing the Ashok Chakra and have a direct hand in changing India’s fortunes

Are you planning to buy gold this Dhanteras? Then there is one more option for you - gold coins bearing the Ashok Chakra - ready to be launched by the Narendra Modi government.

The idea behind launching the coins is to generate investment demand in a lacklustre market and reduce India's dependence on imported coins.

Indians’ love for investing in gold coins and jewelry can be seen from the fact that the country imports about 60 tonnes of gold coins every year that are sold at a premium of 8-10%.

Buyers are very excited about Indian gold coins, which will be available in denominations of 5 gm and 10 gm initially.

It is being said that the government had initially ordered 50,000 gold coins, of which 20,000 coins are of 5 gm and 30,000 coins of 10 gm. The Security Printing and Minting Corporation of India would manufacture the coins which would be sold through banks, post offices and state-run MMTC, which will further sell them via the World Gold Council.

According to the World Gold Council, total investment demand for gold during the quarter to June was down 30% compared to that a year ago in the country, while in value terms it was down 31%.

The total demand for gold in the country fell 25% in the quarter to June to 154.5 tonnes compared with that a year ago. In terms of value, the demand was down 26%, while the total jewelry demand was down 23% and in value terms it was down 24%.

(Image: Reuters)