Gold coins to be sold through post officesOctober 15th, 2008 - 6:33 pm ICT by IANS
New Delhi, Oct 15 (IANS) India Post, the country’s postal services, will start selling 24-carat gold coins through its post offices, the government announced here Wednesday. The coins will be available in over 100 post offices in Delhi, Tamil Nadu, Maharashtra and Gujarat in the pilot phase, Minister for Communications and Information Technology A. Raja told reporters here.
“We have initiated the process to commercialise the post offices and increase their visibility,” Raja said.
India Post has initiated the process in association with the World Gold Council and the Anil Ambani-headed financial services firm Reliance Money.
Raja said the coins would come in weights of 0.5 gram, one gram, five grams and eight grams at gold rates prevailing in the market.
He said he has asked the Department of Post to take the gold coins to rural post offices so that the benefit goes to the common man as well.
“The sale will gradually be extended based on public response and during Phase-II of the project, post offices will be selling gold coins with the India Post logo,” he said.
The gold coins will be packed in a sealed cover with certification from the Balerna, Switzerland-based precious metal refiner Valcambi sa.
Apart from the internationally recognised certification, the coins will come with benefits like low risk of duplication, quality packaging, product standardisation, numbering and assayer certificate.
“Due to the global slowdown, gold sale will go up from this Diwali,” said Ajay Mitra, the managing director of the World Gold Council’s India chapter.
Mitra said usually gold consumption during Diwali zooms 30 percent but this year, it will be even more as consumers are scared by the market volatility and in all likelihood would invest in commodities that will appreciate in value.
“We want to take the culture of structured investments in gold to the masses through India Post and provide gold with impeccable quality, quantity and price points,” Reliance Money Director and CEO Sudip Bandyopadhyay said.
He said liquidity was increasing, and that by the end of this week, there would be enough cash flow in the market.
As a result, people would be encouraged to invest in gold, driving its consumption.
- Six percent discount on gold coins on Akshaya Tritiya - Apr 23, 2012
- India Post to give discount on gold coins this Rakhi - Aug 01, 2012
- India Post to sell gold coins during festive season - Oct 27, 2010
- Reliance Money launches new gold coins with India Post logo - Oct 18, 2010
- Now get India Post gold coins in 466 post offices - Apr 30, 2010
- Gold consumption up by 66 percent in 2010 - Feb 18, 2011
- Cheer for buyers as gold prices dip on Akshaya Tritiya (Roundup) - May 06, 2011
- Gold to cost more as budget proposes to increase customs duty - Mar 16, 2012
- Gold traders on Akshaya Tritiya high - Apr 23, 2012
- Gold sales up on Dhanteras despite high prices - Oct 24, 2011
- Haryana officials in dock for selling shrine's gold - Dec 11, 2011
- Himachal to turn temple gold into mementoes - Jul 08, 2012
- Reliance Capital gets regulator's nod to sell stakes to Nippon Life - Jun 13, 2012
- India's gold consumption down - Feb 16, 2012
- Soaring gold price dampens consumer sentiment - Aug 20, 2011