The Hindu : National : Post offices to sell gold coins

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Thursday, Oct 16, 2008
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Post offices to sell gold coins

Special Correspondent

NEW DELHI: Communications and Information Technology Minister A. Raja on Wednesday launched a unique service in which post offices will sell gold coins. Initially, the facility will be available in more than 100 India Post outlets in Delhi, Tamil Nadu, Maharashtra and Gujarat where 24 carat gold coins of 0.5 gram, 1 gram, 5 grams and 8 grams would be available.

India Post has launched this venture in association with World Gold Council and Reliance Money. World Gold Council will help market the Swiss Medallions supplied by Reliance Money. The gold coins will be packed in a sealed cover with the certification from Valcambi, Switzerland. Addressing journalists here, Mr. Raja said the prices of these gold coins would be competitive, based on the prevailing prices of gold. “The sale of gold coins will gradually be extended to other post offices based on public response. In the next phase, post offices will sell gold coins with India Post logo,” he said, and asked the Department of Post to also make available gold coins at post offices in towns and villages.

“Gold coins available through our post offices carry internationally recognised certification and has low risk of duplication.”

‘Ground-breaking initiative’

According to World Gold Council’s Managing Director Ajay Mitra: “Retailing gold through India Post is a ground-breaking initiative in the Indian investment sector and one of its kind in the world. ”

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