Date:11/01/2009 URL: http://www.thehindu.com/2009/01/11/stories/2009011154511000.htm

National

Now free gold comes with post office coins

Sandeep Joshi

NEW DELHI: At a time when people are looking at gold as a safe investment option in view of the volatile stock market and economic slowdown, the Department of Posts has decided to give free gold to customers purchasing its newly launched internationally certified coins.

“Starting January 12, we will be offering 0.5 gm gold free to our customers with every purchase of 10 gm. We are launching this ambitious scheme that coincides with the auspicious occasions of Makar Sankranti and Lohri in north India, Pongal and Tamil New Year in the south, Uttarayan in the west and Magha Bihu in the east, which are celebrated on January 14,” said John Samuel, General Manager (Business Development and Marketing Directorate).

Attractive packs

It was in October last that India Post started selling gold coins in association with the World Gold Council and Reliance Money. The high quality 24-carat coins with certification from Valcambi of Switzerland come in attractive packs of 0.5, one, five and eight gm.

“So anyone can now walk into our post offices and buy the gold coins under the scheme which is on till this month-end.”

These coins are now available in select post offices in Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra, Gujarat, Delhi, and Punjab. West Bengal and Kerala will be added by February.

“We have chalked out a plan to cover all States in a phased manner so that people across the country can buy our coins,” he said.

According to Mr. Samuel, since this initiative began in October 2008, over two kg of gold has been sold every day through post offices. It is likely to go up to 5 kg a day within the next couple of months.

“Unique initiative”

“Our unique initiative is already a huge success and the new scheme will give a further boost to our gold sales. Apart from being a safe and attractive investment option, gold coins are now used for gift purposes by people as the prices of our coins begin at a mere Rs.700.

“We are mainly targeting the huge middle class and upper middle class as our customers as we want to develop a new gift market with our gold coins.”