India to soon mint its own gold coins

Indian Prime Minister Narendra Modi said on Sunday that the country will soon mint its own gold coins and introduce its own gold bullion.

"It has been 70 years since Independence and still we are using foreign minted gold coins and bullion. Why can't we have our own?" Modi said in his monthly radio address to the nation.

"India will mint its own gold coins that will carry the Ashok Chakra (national) emblem. The coins will be of 5 g and 10 g in weight," he added.

The prime minister also said that the country's ambitious gold monetization scheme - which will allow people to deposit gold in banks and earn interest from it - will soon be implemented.

"Gold can be converted from dead money to a living force. This is what we want to do and I seek your support," he said.

The gold monetization scheme is intended to mobilize some 20,000 tonnes of gold held by Indian households and thus reduce India's import of the precious metal.

Source: XINHUA