Sale of Gold Coins by Banks in India
The Gold Coin Rates or Price of Gold Coin sold by Banks
in India is no doubt higher than the gold
prices in the bullion market as banks keep huge margins.
However, it is a safe investment on account of two
key components, namely, Reliability and Convenience.
The retail sale of Gold coins gains
momentum during festival seasons, specially around Diwali. During
festivals like Akshay Tritiya and Diwali, banks even offer some discounts on
purchase of bulk coins.
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Most of the banks in India used to import gold coins from Switzerland as per tie up with one of the reputed foreign suppliers and such coins are 24 carat pure gold carrying 99.99% assay certification (signifying the highest level of purity as per international standards). However, in August 2013, RBI banned import of gold in the form of coins and medallions. The coins sold by banks are usually in weights of 1gm; 2.5 gm, 5 gm; 8 gms; 10 gms; 20 gms ; 50 gms and 100 gms. (However, each bank does not sell all type of gold coins). These coins usually also bear the logo of the bank selling the same. Gold coins sold by Indian banks are well packed and give a good look for gifts etc
The customers may be surprised to note that daily price of the gold coins ( of similar weight and with same quality) is different in different banks even on the same day. If you have the time and choice of choosing the Bank, you should compare the Gold Coin Rate by clicking on the links given below before you proceed to buy the gold coins for your loved ones. For comparing the gold coin rates for today, please click on the respective link that will take you directly to the webpage of the bank giving today's gold rate. Buy only after comparing the rates.
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In addition to the above banks, now a days, some Jewellers and online portals too are selling the same. We give below some of the links, which will help you to check the prices even from private sellers :-
Thus, gold coins are purchased by customers either for investment and savings for the future or to gift on marriages, birthdays, festivals etc. Sometimes these are also given by corporate to their employees as an incentive.
Some of the Features of the Gold coins which are common with most of the banks :-
> 24 carat gold coins with 999.9 pure gold
> Imported from Switzerland
> Coins packed in tamper proof see through packets
> International Quality Certification (Assay Certificate) also issued with the coins
Where Should I sell my Gold Coins Purchased From a Bank in India :
We have already written above that banks do not buy even the gold coins sold by them. Now in case a holder of such coins needs money, he is left with no alternative but to approach his jeweler. Usually, in case you wish to purchase jewellery by surrendering the gold coins, most of the jewelers will come forward to your rescue and purchase the same. However, in case you wish to get back cash, jewelers may show reluctance to buy and may give you cash only at a slightly discounted price.
Thus, we can say that public should also explore the possibilities of purchasing gold coins from reputed jewellers which may work out to be cheaper but carry the same purity certificate.
News for Gold Coins : The sharp rise in gold imports made RBI worried. To check huge gold imports, including gold coins, in June 2012 there was news that RBI is seriously considering the banning of sale of gold coins by banks. The reports indicated that India imported 963 tonnes of gold in 2010 and another 878 tonnes of gold in 2011. A part of these imports was abetted by banks. Gold coins sales at banks rose 33% in 2011 to 18 tonne as against 13.5 tonne in 2010. SBI, ICICI, HDFC Bank, Bank of India and Indian Overseas Bank accounted for 70% of the total gold coins sold in India. Keeping in the crisis of Current Account Deficit, RBI on the directions of GoI banned the import of gold coins, and introduced a new gold import policy known as based on the principle of 20/80. Under this policy it is incumbent on all nominated banks/nominated agencies and other entities to ensure that at least one fifth, i.e., 20%, of every lot of import of gold imported to the country is exclusively made available for the purpose of exports and the balance for domestic use. In view of these restrictions and levy of duty on imported gold, the price of gold coins in India is much higher than the price as in international market.
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