Sale of Gold Coins in Post Offices launched in Kerala, to be launched in Uttar Pradesh and Haryana from Next Week

The highly popular sale of gold coins through Post Offices has been extended to Kerala from today. This service will be taken to Uttar Pradesh & Haryana Postal Circles from next week. With this, select Post offices from 14 Postal circles will provide this service to the public.

Department of Posts began selling 24 carat 'Gold Coins' at 102 Post offices in Delhi, Maharashtra, Gujarat and Tamil Nadu from 15th October. Later, the service was extended to Punjab, Andhra Pradesh, Karnataka, Madhya Pradesh, West Bengal and Rajasthan. The new service in Kerala is available at select post offices in Trivandrum, Ernakulum, Cochin, Kottayam, Trichur, Calicut and Wayanad.

India Post in association with World Gold Council and Reliance Money has ventured into the scheme for Sale of branded Gold Coins of 99.99% purity, which was hitherto being undertaken by leading PSUs/private sector banks. The coins are in the affordable denominations like 0.5 gm., 1 gm., 5 gm., and 8 gm. India Post offers its customers a special discount of 5%. The gold coins have the benefits like internationally recognized certification, low risk of duplication, quality packaging, product standardization, numbering, assayer certificate, etc.

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. 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. 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.

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.

Source : Equity Bulls

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