Press Trust of India / Mumbai Oct 17, 2009, 13:08 IST
The Department of Post in Maharashtra is betting on the expected high-demand during the festival period to push sales of its gold coins and is targeting a sales of 40-kilogrammes by this month end.
"As the festive season is on, we expect to sell more than 40-kilogrammes of gold coins by end-October in Maharashtra. The recession or the increasing gold prices have no effect on customer buying," Postmaster General (Business Development Marketing & Technology), Department of Post, Maharashtra, Colonel K C Mishra, told PTI here.
The Department of Post in association with Reliance Money, the financial services and distribution arm of Reliance Anil Dhirubhai Ambani Group, has been selling gold coins through 33 post offices in the state since October last year.
"Gold coins are the hottest commodities on sale in India these days. Apart from post offices and goldsmiths, banks are also coming up with novel schemes to sell gold coins. Buying gold is an age-old tradition and considered religious too," Mishra said.
The Department of Post has sold 2,867 gold coins between October 2008 and August 2009 worth Rs 5,09,783 in Maharashtra.
"We are getting a good response. The gold coins that we sell are focused on low-end denominations like 0.5 gram, one gram, five gram and eight gram.
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