India pulling chocks on 24-carat gold coin sales through post offices

NEW DELHI (Scrap Monster) : India announced temporary suspension of 24-carat gold coin sales through post office branches with effect from 1^st August. The gold coin sales over counters would be culminated on midnight of July 31^st, says an official notification by the Department of Post.

India Post-functioning under the Ministry of Communications and Information Technology,  had so far been selling 24 carat gold coins with 99.99% purity bearing their logo in the following denominations-0.5 grams, 1 gram, 5 grams, 8 grams, 10 grams, 20 grams and 50 grams. The scheme was being implemented in collaboration with the World Gold Council and Reliance Money Infrastructure Limited. India Post has been carrying out the sale of certified coins manufactured by Valcambi SA, Switzerland through its web-based Gold Inventory software.

The uniquely creative gold selling initiative by the India Post had been a tremendous success across the country. The scheme had assured impeccable quality, quantity and price points in the gold delivered to its customers.

According to the notification, the decision to suspend the sale of gold coins is intended to uphold the government’s efforts to curtail gold imports by the country. The notification further states that the department may re-enter into gold coin sales during special festive occasions with government’s consent.