It is considered auspicious to buy gold and silver on Dhanteras day. This time Dhanteras is on November 10, 2023, i.e., tomorrow. If you want to avoid the crowds in a jeweller shop, then there is an option to buy gold coins and bars online. One can buy gold coins, bars online from MMTC-PAMP, reputed branded jewellers such as Tanishq, Malabar Gold & Diamonds etc.
MMTC-PAMP is a joint venture between the Government of India-owned Metals and Minerals Trading Corporation of India (MMTC) and Switzerland-based gold refining company, Produits Artistiques Métaux Précieux (PAMP).
MMTC-PAMP sells gold and silver coins and bars only through their offline and online stores. One cannot buy gold and silver jewellery from MMTC-PAMP. The products sold by MMTC-PAMP have received accreditation from the London Bullion Market Association (LBMA).
“Since Diwali is dedicated to the worship of Goddess Lakshmi while Dhanteras marks the beginning of the five-day Diwali celebrations, buying pure gold and silver on Dhanteras holds specific significance. At MMTC-PAMP, we offer the purest 999.99+ Gold (24K) and silver products, seamlessly blending the finest Switzerland technological craftsmanship with Indian traditional values and customisation,” says Vikas Singh, MD & CEO, MMTC-PAMP.
How to buy gold and silver coins and bars from online from MMTC-PAMP
If an individual wishes to buy gold and silver coins or bars or both from the MMTC-PAMP website online, then one must be able to make online payments using debit, credit cards, UPI, Net banking etc. This is because the cash on delivery option is not available.
The buying process involves the individual selecting his/her choice of gold and silver coins or bars. Once selected, click on the ‘Add To Cart’ or ‘Buy Now’ option.
Once the individual is ready to order, click on ‘checkout securely’ button. An individual will be asked to either sign in or sign up for an account on the MMTC-PAMP website. One needs to register on the MMTC-PAMP website if they are buying for the first time. After this step, the individual will be asked to input their delivery address details. Enter the delivery address and proceed to pay. The payment gateway will take debit/credit card payments, net-banking and UPI options.
Source: MMTC-PAMP website
Things to know about buying gold and silver from MMTC-PAMP
Though buying gold or silver coins is easy, there are certain things that one must keep in mind.
Buyback policy: An individual who bought gold coins and bars from MMTC-PAMP can sell them back to MMTC-PAMP.
An individual can sell MMTC-PAMP gold, silver coins and bars at their purity verification centre. There will be no deduction or transaction charges. Based on the purity of gold coins and prevailing price at the date of buyback, an individual will get the money.
MMTC-PAMP’s purity verification centre locations can be found here: https://www.mmtcpamp.com/store-locator
PAN: Permanent Account Number (PAN) is required to be quoted for every transaction of gold or silver above Rs 2 lakh on the MMTC-PAMP website. As per income tax rules, any individual purchasing gold worth more than Rs 2 lakh either in a single transaction or multiple transactions collectively done in a single day is required to quote their PAN.
“We will need PAN details in such cases to process the orders. Name on invoice & PAN should be the same. If PAN is not shared, then the order will be cancelled,” said MMTC-PAMP in a FAQ on its website.
“Rule 114B of Income-tax Rules states that PAN is to be quoted by any individual if they are buying any goods or services of value more than Rs 2,00,000 per transaction. Therefore in case of purchase of gold or silver or others, PAN is required to be quoted if the value of transaction exceeds Rs 2,00,000 per transaction,” says chartered accountant Manas Chugh, head, regulatory services, Osgan Consultants, a business and tax consultancy company.
COD: Cash on delivery is not available for any online order through the MMTC-PAMP website.
Delivery and safety: As per MMTC-PAMP, all deliveries are made using third-party courier companies and it is in express delivery mode. However, the exact delivery date is dependent on the pin code of the area of the customer and the courier company’s service.
Further, all products are packed in double layered tamper proof packaging which consists of a blister pack in a metal case outer, thereby ensuring there’s no damage to the product. Individuals should, however, ensure before accepting the delivery that the seal is not tampered with during transit.
MMTC-PAMP has clarified in an FAQ that the delivery process is secure, and delivery will be made only after verification of the ID of the person receiving the delivery.
In the unfortunate event of the order getting lost in transit, MMTC-PAMP will take the necessary action since all orders are transit-insured.
“In the highly unlikely event of your order getting lost in transit, we will wait for 15 days to track your lost order. If we are successful in locating the order, we will proceed with delivery. If we are unsuccessful, we will process the refund through the original payment mode used to pay for the order,” said MMTC-PAMP in a FAQ.
It cannot happen that the packaging box is empty and does not contain the ordered items. Here is why: “All orders are packed under video camera ensuring transparency & trust in the process,” said MMTC-PAMP in a FAQ.
Cancellation: MMTC-PAMP in an FAQ said that orders once placed can only be cancelled if they are not yet shipped. “Order cannot be cancelled once it is shipped,” said the MMTC-PAMP FAQ.
Moreover, certain types of orders like ‘customised orders’ cannot be canceled, nor will the money paid be refunded.
MMTC-PAMP offers gold coins in various denominations with minimum being of 1 gram and a maximum of 10 grams. Gold bars are offered in minimum denomination of 1 gram and maximum of 100 grams. All these gold items are 24 carat and with 999.99 purity rating.
In the case of silver coins, minimum of 10 grams and maximum 50 grams. Silver bars are offered by MMTC-PAMP in denominations of minimum 10 grams and maximum of 1 kg. All silver items are of 999.99 purity. One can check the complete MMTC-PAMP collection on the website – https://shop.mmtcpamp.com/collections/dhanteras
Buying gold coins, bars online
There are designed gold bars, pendants, and coins available to buy. The prices start from Rs 7,020 and end at Rs 6,65,940. The prices of silver coins and bars start from Rs 2,260 and end at Rs 83,500, as of November 9, 2023, 14.01 hours.
Source: MMTC-PAMP website
Source: MMTC-PAMP website