India Post earns 2.7 cr by selling 20 kg gold in 15 days

New Delhi, Oct 31 (UNI) India Posts' pilot project to sell gold through selected post offices has proved a bonanza, yielding a revenue of Rs 2.7 crore during the past 15 days and is now being extended to three more states.

Of the total of 20 kg of gold sold, post offices in Gujarat sold the maximum of 7 kg gold, followed by Delhi with 5.3 kg and Tamil Nadu 4.5 kg. The maximum sale has been in the 5 gm category.

The highly popular sale of gold coins through post offices is now being extended to Andhra Pradesh, Madhya Pradesh and Karnataka from November.

Department of Posts began selling the 24 carat gold coins at 102 post offices in Delhi, Maharashtra, Gujarat and Tamil Nadu from October 15. The service was later extended to Ludhiana and Jalandhar, in Punjab, following a huge demand. A five per cent special discount was offered to customers during the festive season which ends today.

The coins are in the affordable denominations like 0.5 gm, 1 gm, 5 gm, and 8 gm.

India Post made special arrangements to line up supplies to meet the rising demand which drew large crowds during the festive season, specially Government servants and small investors. Now it is planning to take the gold coins to rural post offices which will be sold with the India Post logo.

The service is being done in association with the World Gold Council and Reliance Money Ltd.

Small investors have taken a shine to the gold coins as the prices are competitive and economical, compared to the offers from other suppliers, including banks. Second, due to the low-end denominations, the coins have been made more accessible.

Gold is the latest addition to a range of retail activities taken up by the India Post which sells UPSC applications and university applications, retails Darjeeling Tea in West Bengal, markets Aloe Vera products in Gujarat and takes orders for distribution of Prasadams of various temples in Andhra Pradesh and Kerala.

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