1 Dinar Coin Value in India
The 1 Dinar coin is a gold coin that was introduced by the Islamic Gold Dinar Committee, a Malaysian-based organization, in 2006. Although it was not officially recognized as a currency by the Reserve Bank of India (RBI), the coin has gained popularity among investors and collectors in India.
History of the 1 Dinar Coin
The concept of the Gold Dinar dates back to the Islamic golden age, when it was used as a medium of exchange in many Muslim-majority countries. The modern 1 Dinar coin was reintroduced in 2006 as a way to promote Islamic banking and finance.
Design and Features of the 1 Dinar Coin
The 1 Dinar coin is made of 22-karat gold and weighs 4.25 grams. It has a diameter of 20 mm and a thickness of 1.4 mm. The coin features an inscription of "There is no god but Allah" in Arabic on one side, while the other side bears the image of a mosque.
Value of the 1 Dinar Coin in India
The value of the 1 Dinar coin in India is determined by its gold content and the current market rate of gold. As of 2023, the price of 1 Dinar coin in India is around ₹25,000 to ₹30,000, depending on the retailer and the location.
Investment Potential of the 1 Dinar Coin
The 1 Dinar coin is considered a good investment option in India due to its gold content and the increasing demand for gold coins. The coin's value is expected to appreciate over time, making it a good hedge against inflation and market volatility.
Tax Implications of the 1 Dinar Coin
In India, the 1 Dinar coin is considered a gold coin and is subject to the same tax rules as gold jewelry. There is a 3% Goods and Services Tax (GST) on the sale of gold coins, including the 1 Dinar coin.
Conclusion
The 1 Dinar coin is a unique investment opportunity for those looking to diversify their portfolio with gold. While it is not an officially recognized currency in India, its gold content and limited mintage make it a valuable asset for investors and collectors.
