Last Updated : 24 October 2008 at 17:50 IST

Balle, balle..great demand for India Post gold coins!

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Commodity Online
NEW DELHI: India Post has extended its recently launched sale of gold coins to the state of Punjab from Saturday considering the overwhelming demand for the service. Gold coins will be sold at select post offices in Ludhiana and Jallandhar.

The Department is also offering 5% special discount to its customers during this festive season which will be valid up till the end of the current month.

On the eve of Dhanteras, which falls on Sunday the 26th October 2008, India Post has made special arrangements to keep some of its offices open in Delhi, Tamil Nadu, Gujarat, Punjab and Maharashtra. Dhanteras is considered an auspicious day for purchasing precious metals. India Post, considering the demand from its customers, has taken the initiative to keep post offices open on the festival day to sell gold coins to interested customers.

Department of Posts has been selling 24 carat ‘Gold Coins’ through select Post Offices effective from 15th October 2008. 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 organization in all areas of life. This facility is available in 102 Post offices in Delhi, Maharashtra, Gujarat and Tamil Nadu. This service is done in association with the World Gold Council and Reliance Money Limited.

India Post has been overwhelmed with the very good response from the public to this new initiative. The Diwali festive season has prompted a large number of customers, specially Government servants and small investors to queue up in the Post office to get gold coins.

Small investors are buying gold coins from post office for two obvious reasons. First, the gold coin prices are low as compared to other suppliers. This makes the service very competitive and economical. Second, Post Office is focusing on the low-end denominations like 0.5 gm., 1 gm., 5 gm., and 8 gm making them more accessible.

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.