(Info) Ministry of Communications & Information Technology - Press Information Bureau (press release)

Info : 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 Posts’ 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 category.

Department of Posts began selling 24 carat ‘Gold Coins’ 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 and Kerala.

Courtesy : PIB.NIC.IN