India Post declares rebate on gold coins

India Post declares rebate on gold coins

Indian Posts launched a novel scheme for government officials this festival season by announcing that if they buy gold coins from the department they can get a rebate of 6 per cent.For the ongoing festive month, the Post Office department has launched the scheme to give a rebate of 6 per cent on the purchase of gold coins from September 24 till October 24 to all the government officials.Besides this, a scheme for general customers was also launched where 0.5 gm gold would be given free to all those who would purchase 10 gm gold from the post office. To avail this scheme, the customers are required to buy two coins of 5 gm each or a single coin of 8 gm or two coins of 1 gm each. Out of these two schemes a customer can only opt for one.Notably, all across the country the Indian Postal Department along with a private financial firm is selling 24 carat gold coins to all the post offices. The gold coins of weight 0.5 gm, 1 gm, 5 gm and 8 gm are available in post offices. These gold coins are manufactured by Valcambi Switzerland and are 99.99 per cent pure. To beautify them, they are also packed in silver cover.Gold coins are the hottest commodities on sale in India these days. While banks are competing with each other to open counters in their branches to sell gold coins, the postal department in association with brokerage firm Reliance Money and the World Gold Council (WGC) has been introducing novel schemes to sell coins through post offices. Buoyed by the huge success of gold coins sales through post offices, India Post is adding more post offices to step up the trade in the yellow metal. Every month, India Post is launching gold coins trade in new post offices. On Monday, India Post started the services in Jharkhand post circle, covering several post offices. And dozens of people came to the postal outlets to buy gold coins. India is the largest consumer of gold in the world. The approximate consumption of gold in India is around 700 tonnes per year. As per the currency scheme India Post-Reliance Money-WGC scheme, the postal department is selling 0.5 gm, 1 gm, 5 gm and 8 gm gold coins packed in tamper-proof sealed covers. India Post gives training in handling the software, developed by Reliance Money, for handling gold coins sale and transactions. Every customer is being given an invoice or bill detailing the transaction. While India Post earns an amount as commission, Reliance Money bears the service tax on the commission paid to India Post. The stocking and sale of gold coins in the post offices are under the direct supervision of the respective postmasters. The postmaster is required to check the Reliance Money web site on a regular basis for the latest updates of gold rates and discounts. Each coin comes with certification from Valcambi Switzerland and quality packaging, as well as a number and assayer certificate. The gold coins are packed in a sealed cover with the certification from Valcambi, Switzerland with the India Post logo. India Post is offering 5% special discount to its customers during festive seasons and special occasions.