India Post to offer gold coins through post offices
Published on: October 15, 2008 at 15:45
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NEW DELHI : In collaboration with World Gold Council and Reliance Money, The Indian Postal Department on Wednesday announced plans to sell 24 carat gold coins through selected post offices in four states.
In the first phase, gold coins in the denomination of half gram, one gram, 5 grams and 8 grams will be sold in over 100 post offices in Delhi, Tamil Nadu, Maharashtra and Gujarat
The gold coins will be packed in a sealed cover with the certification from Valcambi, Switzerland India Post said. In the second phase of the project the gold coins will be sold with the India Post logo.
Launching the service here, Union minister for communication and IT, A Raja said the service will be extended to rural areas soon. Minister of State for communication and IT Jyotiraditya Scindia also attended the function.
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In India, gold is considered as one of the prestigious instruments of investment among the household consumers. Small household units are now becoming potential investors for gold from the key consumers. The demand for consumption purpose is no longer the main driver of demand for the yellow metal, but the systematic investments in retail gold investment options is the latest crush among the small investors in the country. 
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