: Overwhelming Response to Post Office gold coins India Post earns 2.7 Crores Selling 20 KG Gold in 15 days Service to be Extended in November.
The highly popular sale of gold
coins through Post Offices is now being extended to the states of Andhra
Pradesh, Madhya Pradesh and Karnataka from next month. India Postsâ€™ pilot
project to sell gold through selected Post Offices has yielded a revenue of 2.7
crore rupees during the last 15 days. The sell of gold has been to the tune of
20 kgs. Post Offices in Gujarat sold the maximum amount of 7 kg gold followed by
5.3 kg in Delhi and 4.5 kg in Tamil Nadu. The maximum sale has been in the 5 gm
Department of Posts began selling 24 carat â€˜Gold Coinsâ€™ at 102 Post offices
in Delhi, Maharashtra, Gujarat and Tamil Nadu from 15th October. The coins are
in the affordable denominations like 0.5 gm., 1 gm., 5 gm., and 8 gm. The
service was later extended to Ludhiana and Jallandhar in Punjab considering the
overwhelming demand for the service. The Department offered 5% special discount
to its customers during this festive season which is valid up till the end of
the current month. India Post made special arrangements to line up supplies to
meet the rising demand.
India Post has been overwhelmed with the very good response from the public to
this new initiative. The 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. 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. During Phase-II of the project, Post Offices will be selling gold
coins with India Post logo.
This service is done in association with the World Gold Council and Reliance
Money Limited. 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.
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.
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
Courtesy : PIB.NIC.IN