Mumbai: Looking for gold? Go to the nearest post office. Standard 24 carat gold coins with the India Post logo will now be available at 466 post offices across the country.
The gold coins will be of 0.5 gm, 1 gm, 5 gm and 8 gm.
"Apart from enhancing the revenue of the department, this will enable us to usher in a new image of the India Post as a modern and relevant organisation," an official said.
The gold coins are manufactured by Valcambi, Switzerland, in association with the World Gold Council and Reliance Money Infrastructure.
"The Indian gold market is on the threshold of a major change with immense growth opportunities. I am confident that the World Gold Council in association with India Post will create a significant impact on consumers with these newly launched coins," said Ajay Mitra, managing director of the World Gold Council - India, Middle East and Turkey.
Reliance Money will function as the operations associate for the project.
"This move will make pure gold available to a larger set of consumers, in lower denominations, at a convenient price point, across remote locations. We expect this move to boost the demand for gold significantly," said Vikrant Gugnani, director of Reliance Money.
The Department of Posts introduced the sale of gold coins project through select post offices in October 2008. India Post received an overwhelming response and sold gold coins to more than 40,000 customers since then.
Research reveals Indians privately hold around 18,000 tonnes of gold. They buy around 700 tonnes of new gold every year.