India Post has tied up with Reliance Money and World Gold Council to sell gold coins through its post office network across the country.
The pilot project has been launched on Wednesday and it will make gold coins available across 100 post offices in four states â€” Delhi, Maharashtra, Tamil Nadu and Gujarat. However going forward it would be available for sale at all the 155,000 post offices across the country.
â€œWe have initiated the process to commercialise the post offices and increase their visibility,â€ said A Raja, Union Minister of IT and Telecom. Reliance Money will act as the vendor to provide certified coins that are 99.99 per cent pure in four denominations of 0.5 gm, 1 gm, 5 gm and 8 gm.
â€œThis should go up as we have tied with India Post which is the most trusted organisation and is biggest retail network with 1,55,000 post offices,â€ said Sudip Bandyopadhyay, chief executive officer, Reliance Money. â€œWe will train the post office employees and we are confident of the delivery channel.â€
â€œIn the long term, considering the demand supply economics, gold is only expected to go up, as there are no new gold mines coming up and so the supply remains constrained,â€ said a gold expert who did not wish to be named.