Commodity Online
NEW DELHI: Considering the huge response to its gold coin scheme, India Post, the postal services department of government of India, has decided to extend the scheme till April 10 across the country.

India Post began selling 24 carat ‘Gold Coins’ at 102 Post offices in Delhi, Maharashtra, Gujarat and Tamil Nadu from October 15. Later, the service was extended to Punjab, Andhra Pradesh, Karnataka, Madhya Pradesh, West Bengal and Rajasthan. Then it was further extended to Kerala, Haryana and Uttar Pradesh.

This service is provided in association with World Gold Council and Reliance Money Limited. In Ludhiana, the postal department said the buyers will get a five per cent discount on every purchase.

The department is giving a guarantee of 99.99 per cent pure gold. The coins are in the affordable denominations like 0.5 gm, 1 gm, 5 gm, and 8 gm. India Post offers its customers a special discount of 5%. The gold coins have the benefits like internationally recognised certification, low risk of duplication, quality packaging, product standardisation, numbering, assayer certificate, etc.

The Department of Post is seeking to take the gold coins to rural post offices at the earliest so that the benefit goes to the common man.

India Post officials said that in some days the post offices are selling gold coins to the tune of around 5 to 8 kilograms.

During Phase-II of the project, post offices will be selling gold coins with India Post logo. Small investors are buying gold coins from post office for two obvious reasons. First, the gold coin prices are competitive and economical compared to the offers from other suppliers including banks.

Second, post office is focusing on the low-end denominations, thus making them more accessible. Apart from enhancing the revenue of the department, this has enabled India Post to usher in a new image of India Post as a modern and relevant organisation in all areas of life.

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.