The MMTC Ltd’s Chairman & Managing Director (CMD) Ved Prakash has told the media that the organisation will be manufacturing sovereign gold coins and will arrange for their marketing in India and abroad.

“We have been given the responsibility,” Business Standard quoted Prakash as saying. “Finance minister Arun Jaitley had announced about the issue of these gold coins in his Budget speech in February.” 

He also told BS that Prime Minister Narendra Modi will launch the coins in October well in time for Dhanteras and Diwali shopping. The five gms and 10 gms coins will be available at similar prices as other gold coins of equal weight.  Prakash also indicated that the design of the coin has been approved - they will have the Ashok Chakra and the image of Mahatma Gandhi.

MMTC, which is a state-owned trading company, will sell the coins through its showrooms and offices in India as well as in countries where the Indian diaspora has a presence  – like the UK, the US and South Africa.   The organisation is also in talks with other bodies like the State Bank of India for the marketing of these coins.

Reports say that MMTC, to begin with, will produce 20,000 gold coins a month. Depending on the offtake, the organisation aims to scale this figure up to 50,000 coins a month, if required.

Prakash also indicated that the MMTC is riding on the Government’s gold monetisation scheme to procure the gold needed to manufacture these coins.