New Delhi, Oct 15: Post Offices have started selling 24-carat gold coins from Wednesday, Oct 15. The coins will be available in over 100 India Post outlets in Delhi, Tamil Nadu, Maharashtra and Gujarat in the pilot phase. The gold coins are in the popular denomination of half gram, one gram, five grams and eight grams. The prices of these coins will be competitive based on the prevailing prices of gold. Launching the service in Delhi, Communications and IT Minister, Thiru A Raja directed the Department of Post to take the gold coins to rural post offices so that the benefit goes to the common man.
He announced that the sale would gradually extended to other palces based on public response.
He said, during Phase-II of the project, Post Offices will be selling gold coins with India Post logo.
Thiru A Raja observed that the Post offices, known for their trust and reliability, would serve as an ideal location for the people to buy quality gold coins.
"India Post will continue to maximize the network, by making the post office a one stop shop for communication, distribution and retail solutions. The time has come for India Post to boldly venture into new services that will make the Post office as the hub for various businesses," he added.
India Post has launched this pioneering venture in association with World Gold Council and Reliance Money.
World Gold Council will help market the Swiss Medallions supplied by Reliance Money, making it available to Indian consumers through Post offices in a convenient and cost effective manner.
The gold coins will be packed in a sealed cover with the certification from Valcambi, Switzerland.
It has the benefits like internationally recognized certification, low risk of duplication, quality packaging, product standardization, numbering and assayer certificate.
Gold is the latest addition to a range of retail activity that India Post has already taken up.
India Post has been selling various products under retail post category and there is sustained growth in the revenue from these activities.
Post Office sells UPSC applications and university applications, it retails Darjeeling Tea in West Bengal, it markets Aloe Vera products in Gujarat and it takes orders for distribution of Prasadams of various temples in Andhra Pradesh and Kerala.
Apart from enhancing the revenue of the Department, this will enable India Post to usher in a new image of India Post as a modern and relevant organization to the public in all areas of life.