CURRENT AFFAIRS

Detailed explanation-1: -The coins will also available at all the 383 outlets of the PSU. Public sector company MMTC will tie-up with the State Bank of India (SBI) to sell government-minted “Indian Gold Coin", its Chairman and Managing Director Ved Prakash said.

Detailed explanation-2: -Both Union Bank customers as well as non customers can purchase Gold Coins from our branches. Union Bank customer can buy gold coins by issue of cheque from their accounts or provide a debit instruction. Non-customers can deposit cash for purchase of Gold Coins if the value is less than Rs. 50, 000/-.

Detailed explanation-3: -The Indian Gold Coin is the first national gold coin which will have the image of Ashok Chakra minted on one side and the face of Mahatma Gandhi on the other side. The coin is currently available in denominations of 5gm, 10gm and 20gm. This allows even those with a small appetite to Buy Gold under this scheme.

Detailed explanation-4: -SBI gold coins are available in the following denominations-2|4|5|8|10 grams. The rectangular bars are available in 20|50 grams. The price of the gold is determined by the daily price of the gold minus the sales tax and value added tax.

Detailed explanation-5: -Kerala based private sector lender, Federal Bank has tied up with MMTC Ltd. for distribution of Indian Gold Coins (IGC), the first-Ever national gold offering by the government, which was launched by Prime Minister Narendra Modi In November 2015.