A pilot program launched in October to sell gold coins at India Post Offices is proving to be so popular that 15 additional post offices were added in Karnataka on Monday, with even more to come soon.
"By month-end, sale of gold coins will be extended to five post offices each in north Karnataka and south Karnataka," chief postmaster general M P Rajan said.
"Under the scheme launched on October 15 in Delhi, Maharashtra, Gujarat and Tamil Nadu, 8,500 gold coins were sold in 15 days," he said.
The 24 carat coins are sold in denominations of 0.5 grams, 1 gram, 5 grams and 8 grams. Each gold coin is packaged in a sealed cover with a certification from Valcambi, Switzerland.
The India Post is able to provide the service through an association with World Gold Council and Reliance Money Limited.
The first phase of the program began October 15 within 102 Post Offices in the key cities of Delhi, Maharashtra, Gujarat and Tamil Nadu Circles. The second phase started last week within Punjab, Rajasthan and Andhra Pradesh.
At these rate of Gold Coins sold in India, soon Indian Government Mint might issue Gold Commemorative Coins by 2010 if Gold Coins remains popular. It will be time for India to issue own gold coins from Indian Government Mint for sale by year 2010 or little later. If Indian Government Mint issue Gold Coins, the mint will make more money so Government can reduce deficit or increase revenue for more spending. Everyone wins by issuing gold coins for bullion or Commemorative Coins!