Gold Accumulation Plan from India Post

February 05, 2009

Commodity Online
MUMBAI: Buoyed by the runaway success of its gold coins sale scheme across the post offices in the country, India Post, the postal services department of the government of India, has announced a Gold Accumulation Plan.

India Post, in association with the World Gold Council and Reliance Money, a financial services company of the Reliance Group, on Wednesday said that the Gold Accumulation Plan (GAP) will be carried out through its wide postal networks across the country.

As per GAP, customers can purchase gold coins from any India Post offices across nine states in the country. “The GAP project ensures that people have the options like the Systematic Investment Plans of investing in gold by accumulating small quantities of the yellow metal,” Sunita Trivedi, Chief General Manager, India Post told Commodity Online.

”This is to promote gold investment in India. Going forward, we not only plan to further expand this service to another 100 India Post outlets but also launch our Gold Accumulation Plan to help customers make systematic investments in gold," she said.

The proposed GAP will offer customers a SIP (Systematic Investment Plan) like option while investing in gold through accumulation of small quantities as and when they have the money during a particular month.

“Retailing gold through India Post is a ground-breaking initiative in the Indian investment sector and one of its kind. The success of this pilot study is a true reflection of the faith an Indian has in India Post and in gold as an asset class,” said Ajay Mitra, Managing Director of World Gold Council, India.

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In October last year, India Post in association with World Gold Council and Reliance Money had launched the scheme to sell gold coins through post offices. The high quality 24-carat gold coins with certification from Valcambi of Switzerland come in attractive packs of 0.5, one, five and eight grams.

The gold coins scheme that is still continuing has been a huge success and more states and post offices are being added to the gold coins selling programme.

Last month, India Post launched an innovative scheme to distribute free gold coins to customers. India Post is giving free gold coins to all those who purchase its newly launched internationally certified coins. India Post now offers 0.5 gram gold coins free to its customers with every purchase of 10 gram.

Three months after India Post launched the unique scheme of selling gold coins through post offices, nearly 10 kilograms of Switzerland-made gold coins have been sold.

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