Ivory Coast (Africa) to cash for silver–coins for marketing in India

It refers to the African country’s Ivory Coast issuing pure silver–coins of 25 gms with picture of Lord Ganesha at the face–value of rupees 8001. Commemorative coins minted at a German mint are to be marketed in India from Ganesh Chaturthi this year. Earlier this year, a private company of India issued high–priced gold–coins with photo of cricket–icon Sachin Tendulkar embossed, priced at rupees 34000 for ten–gms pure–gold coin, at a time when gold–prices are zooming to around rupees 28000 per gms at that time. The Reserve bank of India (RBI) and the Union Finance Ministry should take immediate steps to stop the sale of such profit–making gold–coins. Sale of gold and silver coins marketed by banks, private firms and even government–agencies like MMTC increases tremendously during the festive season. Gold and silver coins issued during the British regime are available in plenty as duplicates because of their popularity as auspicious and gift items even though fabrication of fake gold and silver coins is a crime. The Union government should take steps to counter the menace. The Reserve Bank of India (RBI) can issue official 24–carrat gold in Rs 20000 denominations with weight of 5 gms. To minimise chances of duplication, these coins should be numbered. A guarantee–certificate bearing the number of the coin and security thread should be plastic–sealed with each coin mentioning weight and purity as attractive gift–items. The face value of coins can be increased after the value of gold in coin crosses seventy percent of the prevailing face value of the coin. Only the RBI should be authorised to issue round–shaped gold and silver coins to be easily available through all branches of public–sector banks and post–offices. Likewise pure silver coins of 10 gms can be issued in denomination of Rs 1000. The system will be net revenue earning for the Government because the suggested plastic–packed coins will never come in actual circulation. All these coins should be made conveniently available in plenty at all offices of the RBI and bank–branches throughout the country. These coins can also be issued to commemorate occasions. Once the RBI starts issuing gold and silver coins, sale of gold and silver by private establishments in form of coins can be banned. However, the sale of the metal may be allowed by banks and others in rectangular or square form. 

- Madhu Agrawal  (The Sentinel)