Minister moots gold export

NEW DELHI, Aug 15: Noting that India consumes roughly 300 to 500 tonnes of gold annually, union commerce minister BB Ramaiah on Friday sugg...

NEW DELHI, Aug 15: Noting that India consumes roughly 300 to 500 tonnes of gold annually, union commerce minister BB Ramaiah on Friday suggested that at least 30 to 40 per cent of the domestic consumption be exported.

Ramaiah was releasing the public sector, Minerals and Metal Trading Corporation8217;s MMTC commemorative gold medallion at a special function in the capital on the occasion of India8217;s 50th year of Independence.

Mining of the medallion had been authorised by the government.

Symbolising the freedom enjoyed by every Indian today, the medallion is a befitting tribute to the courage and sacrifice of all Indians who had participated in the freedom movement. While one face of the medallion incorporates the logo specially designed by the government, the other face has a map of India along with MMTC logo.

Made in 24 carat gold 999.0 fineness, the medallion weighs 10 grams and matches the highest international quality standards. To be issued with a certificate of purity, it will be available in attractive tamper-proof packing.

The limited edition medallion will be released by Mineral and Metal Trading Corporation for sale from Friday both in India and abroad, specially in areas with large NRI population such as the US, Europe, Africa, Middle East, South and Far Eastern countries. NRIs are located in these areas can book their requirements from MMTC8217;s foreign offices at New York, Dubai, Moscow, Tokyo and its subsidiary company MMTC Transnational Pte Ltd in Singapore.

The medallion will retail at an all inclusive price of Rs 5,800 in the domestic market and of dollar 165 in the international market. The price will remain fixed throughout the country. Bookings for the medallion can be made on an advance payment of Rs 1,000 in India and 40 abroad. In India, MMTC has tied up marketing arrangements with 85 branches of the Bank of India across the country.

Story continues below this ad

The idea of minting commemorative medallions was born out of the successful experience which Mineral and Metal Trading Corporation has had in the past in producing and marketing gold and silver coins of the highest international quality standards. MMTC is confident that the medallion will appeal to the hearts of many Indians who will look upon it as an invaluable souvenir. General Manager of Corporate Communications, Preeti Chaturvedi says: 8220;We are trying to market the gold medallion on an intrinsic emotional appeal to evoke response amongst all Indians and lovers of freedom.8221;