India Post Offices have begun a new service that is uniquely creative. They are selling 24 carat gold coins across the country.
The first phase of a pilot program launched on Wednesday, October 15, with gold coins sold in the popular denominations of 0.5 grams, 1 gram, 5 grams and 8 grams.
The four coins are available within 102 Post Offices in the key cities of Delhi, Maharashtra, Gujarat and Tamil Nadu Circles. The service is expected to gradually extend based on public response, with the Department of Post directed to distribute the gold pieces to rural post offices.
"India Post will continue to maximize the network, by making the post office a one stop shop for communication, distribution and retail solutions," said Thiru A. Raja, Communications and IT Minister.
"The time has come for India Post to boldly venture into new services that will make the Post office as the hub for various businesses," Raja added.
The new service is provided in association with World Gold Council and Reliance Money. Each gold coin is packed in a sealed cover with a certification from Valcambi, Switzerland.
"We want to take the culture of structured investments in gold to the masses through India Post and provide gold at impeccable quality, quantity and price points," said Sudip Bandyopadhyay, Director and CEO of Reliance Money.
Phase two will include coins with the new India Post logo.