New Delhi: Department of Post is selling close to two kilograms of gold everyday since October 15 when it started distributing gold coins through post offices.

"On an average we sell close to 2 Kg of gold every day," Department of Posts General Manager, Business Development, John Samuel said.

Though it is a new initiative, the response is overwhelming, he added.

"It is because we sell coins of small denominations such as 0.5 gm and 1 gm besides 5 gm and 8 gm coins, and our prices are lower than what is available in public as well as private banks," he said.

The department launched this initiative on October 15 and the gold coins are being sold in 102 post offices in Delhi, Maharashtra, Gujarat and Tamil Nadu.

It is also launching the facility in Punjab on October 25 and the coins would be available in select post offices in Jalandhar and Ludhiana.

Keeping the festive season in mind, the department has also decided to keep the selected post offices, where gold coin distribution facility is available, open on the next Sunday.

"The coming Dhanteras falls on Sunday and we are open that day as people traditionally buy precious metal on this occasion," he said.

The department is also offering five per cent discount on gold till October 31.

"We are planning to launch the facility in Andhra Pradesh, Madhya Pradesh and Karnataka in November," he said.
Source : PTI