Now, gold coins at 103 post-offices

It will be sold in collaboration with Reliance Money, a part of the Anil Dhirubhai Ambani Group.

“The reason for starting such a service is to make gold coins reach consumers with ease. The rate of gold changes several times in a day, but we have asked Reliance Money to keep one rate for the entire day which will benefit consumers,” said D K S Chauhan, Chief Postmaster General (Business Development), Gujarat Circle, India Post.

The service is being started as pilot project for a period of three months. On the basis of the feedback, India Post will decide whether it will introduce the service in other areas or not.

Reliance Money will get the gold coins packed in a sealed cover with the certification from world recognised Swiss company Valcambi.

Chauhan said: “We joined hands with Reliance Money as they have provided sound service to their gold coins consumers in the past two years.”

He added: “The current market of Reliance Money is Rs 150 crore in gold coins and bars per year which is expected to go up with the India Post tie-up. The gold coins from India Post will have internationally recognised and certified, low risk duplication, quality packing.”

He further said: “Both India Post and Reliance Money did a market study before starting this service. Gold coins at many places have something or the other mixed in it. The shopkeepers cheat the consumer.”

India Post is not planning to appoint additional staff for this service, but they believe the service will benefit everyone.

“We are working as networking partner with Reliance Money and are not planning any profit margin. But Reliance Money will be taking this as a profit generating service,” he added.