PATNA: If you are one of those who prefer gold as an investment, here is some interesting news for you. On the occasion of 'Akshaya Tritiya', which falls on May 6, postal department will offer for sale 24-carat gold coins at a discount. This offer would be available at 10 post offices in the state from May 1. This special discount would be valid till May-end.
The 10 post offices selected for the purpose are Patna GPO, Bankipore, Patliputra (both in Patna), Bhagalpur, Siwan, Gopalganj, Chhapra, Nalanda, Muzaffarpur and Gaya. These post offices will remain open on the day of 'Akshaya Tritiya'.
A 5% discount will be given to the general public and 6% to government employees (identity proof would be required) who buy gold coins from the post offices during this period.
The department has tied up with Reliance Money for the sale of these gold coins, which will come with tamper-proof packaging and have a sealed cover along with certification from International Gold Council, Switzerland, for 24-carat purity.
These coins will be available in different weights - 0.5 gm, 1 gm, 2 gms and 10 gms - with a India Post logo. The cost of the coin will depend on the price of gold prevalent on the day of sale. Credit cards would not be accepted for payment - either cash or demand draft in the name of department would be required.
"It is a beneficial venture of the postal department, as we would be earning a commission of 2% on sales," said director (marketing), postal department, Anil Kumar.
Earlier, the department had introduced the sale of gold coins at Patna GPO and Bankipore post office in 2008 on an experimental basis.
Source: The Times of India, April 22, 2011
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