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March 02, 2009 |
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Commodity Online
NEW DELHI: Three months after India Post, the postal services department of the government of India, launched an innovative scheme to sell gold coins through its wide network of post offices, the organization has sold 24,850 gold coins.
India Post launched the gold coins sale initiative three months back in association with financial services company Reliance Money and World Gold Council. As per the scheme, the postal department is selling 0.5 gm, 1 gm, 5 gm and 8 gm gold coins packed in tamper-proof sealed covers.
”Retail trade in gold has been a big success through Indian Post offices across India. Already, more than 10,000 customers have purchased 24,850 gold coins through India Post outlets since October 15, 2008,” said Sunita Trivedi, Chief General Manager, India Post.
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The India Post offers gold coins in combinations of 0.5 gm, 1 gm, 5 gm, and 8 gm. Customers can now walk into post offices and buy pure 24 carat gold coins certified by the Swiss precious metal company Valcambi.
India Post gives training in handling the software, developed by Reliance Money, for handling gold coins sale and transactions. Every customer is being given an invoice or bill detailing the transaction. While India Post earns an amount as commission, Reliance Money bears the service tax on the commission paid to India Post.
The stocking and sale of gold coins in the post offices are under the direct supervision of respective postmasters. The postmaster is required to check the Reliance Money web site on a regular basis for the latest updates of gold rates and discounts.
India Post is currently selling gold coins through 140 post offices across several states in the country. It will soon launch the gold coins trade in 20 post offices in the southern state of Kerala that boasts of having the largest number of gold jewellery shops in the world. Kerala accounts for nearly 20 per cent consumption of gold in India. Total consumption of gold in India is around 700 tonnes per year.
Earlier this month, India Post also announced the Gold Accumulation Plan (GAP) 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.
Gold coins are the hottest commodity in India these days. Even as the price of gold continues to rise, sale of gold coins are taking place at brisk pace through banks, equity and commodity broking companies, finance firms and post offices across India.
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