The Indian Postal Department today announced the sale of 24 carat gold coins from their post offices.
In the pilot phase the coins will be available in over 100 India Post outlets in Delhi, Tamil Nadu, Maharashtra and Gujarat.
The gold coins, which are launched in collaboration with World Gold Council and Reliance Money are in the denomination of half gram, one gram, 5 grams and 8 grams.
The prices of these coins will be competitive based on the prevailing prices of gold.
In the second phase of the project the gold coins will be sold with the India Post logo.
The Minister of State for Communications and IT, Jyotiraditya Scindia, said that this pilot project on the sale of gold coins would be a beginning of many more such retail services that India Post will undertake.
He said that the venture reinforces India Post’s dedicated service to the ordinary Indian.
Union minister for communication and IT, A Raja also directed the Department of Post to take the gold coins to rural post offices so that the benefit goes to the common man.
He announced that the sale will gradually extend based on public response.
