THIRUVANANTHAPURAM: It’s Gold Rush in post offices. The sale of gold coins through post offices, launched in Kerala on Monday, is showing signs of becoming a mega hit. The collection on day one, from 18 post offices across the state has crossed Rs. 1 lakh. Demand for gold has gone up globally as it is perceived as a safe investment, especially in the times of the global economic meltdown. The scheme, already a big hit in other parts of the country, was extended to Kerala from Monday. The new service in currently available in 18 select post offices in Thiruvananthapuram, Ernakulam, Kottayam, Thrissur, Kozhikode and Wayanad. ``This would very shortly be extended to more centres,’’ Dr.Uday Balakrishnan, Chief Post Master-General, Kerala Circle, told Express. The service will be launched in Uttar Pradesh and Haryana Postal Circles next week. With this, select post offices from 14 Postal Circles will provide this service to the public. The Department of Posts began selling 24 carat gold coins at 102 post offices in Delhi, Maharashtra, Gujarat and Tamil Nadu from October 15, 2008. Later, the service was extended to Punjab, Andhra Pradesh, Karnataka, Madhya Pradesh, West Bengal and Rajasthan. India Post has launched the scheme in association with the World Gold Council and Reliance Money. The sale of branded gold coins of 99.99 percent purity was till recently undertaken by leading banks. The coins are in the affordable denominations of 0.5 gm, 1 gm, 5 gm, and 8 gm. India Post offers its customers a special discount of 5 percent. The coins have benefits such as internationally recognised certification, low risk of duplication, quality packaging, product standardisation, numbering, assayer certificate, etc. The Department of Post is seeking to take the gold coins to rural post offices at the earliest so that the benefit goes to the common man. During Phase-II of the project, post offices will be selling gold coins with India Post logo.
According to sources in India Post, there are two reasons for the Gold Rush of small investors to post offices - competitive pricing and the focus on low-end denominations. Apart from enhancing the revenue of the Department, this has given India Post a new image of a modern and relevant organisation in all areas of life.
Gold is the latest addition to a range of retail activity of India Post. It has been selling various products under Retail Post category and there is sustained growth in the revenue from these activities. Post Offices sell UPSC and University applications, retails Darjeeling Tea in West Bengal, markets Aloe Vera products in Gujarat and takes orders for distribution of Prasadams of various temples in Andhra Pradesh and Kerala.