5 and 10 Gram Ashoka chakra Gold Coins Launched by Prime Minister
Ashoka chakra gold coin is all set to be launched by PM in few hours. The announcement to launch these schemes was made by the Finance Minister in the budget speech of FY15-FY16. Several other gold schemes will also be launched on the same day.
With Diwali approaching, this will be the right time to launch the gold schemes as gold is one of the most bought commodities during Diwali.
When it comes to gold, India is one of the biggest consumers. Besides being a metal of religious importance, gold is also considered a safe investment option in India. An estimated twenty thousand tons of gold is currently locked up in the household lockers and temples. These schemes will be launched in an attempt to channelize this idle gold into the banking system of the country. Currently the value of the idle gold is estimated at Rs 5,40,000 crore. By these schemes the government aims to mobilize this untapped resource. The coins can be bought at a lower than the market rate.
The other schemes which will be launched are Sovereign Gold Bond scheme and Gold monetization scheme
According to the sources, under the India gold coin scheme, the coins will initially be made available in five grams and ten grams. At the outset the company who is responsible for minting these coins, will mint twenty thousand and thirty thousand of 5 gm and 10 gm coins respectively. The distribution channels for these coins are the bank and post office branches.
Both the coin and the schemes will help in limiting the demand of gold imports. The denomination of the gold bonds issued by government will be five, ten, fifty and hundred grams. The term of the bond will be five to seven years and the interest rate can be fixed or flexible, and will be derived on the basis of the current value of the gold when the investment will be made. You can Also Read about Rs 125 Coins Launched.
Other PM Schemes
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