SHAH ABBAS
Srinagar
Challenging the monopoly of HDFC Bank and Punjab National Bank, India Post has started Gold Coin Service in Jammu and Kashmir.
India Post Gold Coin Service will now be available at Srinagar GPO, Jawahar Nagar PO, Leh HO, Leh City SO, Jammu Tawi HO, Viniak Bazar SO, Jammu Market MDG, Rajouri HO, Udhampur HO and Baramulla HO.
Pertinent to mention that Jammu and Kashmir Bank had also desired to be in the business of Gold but it was gradually discouraged from entering into gold market by the Reserve Bank of India. Loans against gold ornaments are a major business in banking and HDFC is the main leader within the state. Besides, the two banks are selling gold coins especially on festivals. Though J&K’s only listed company was keen to get into this sector, it is still awaiting green signal.
“India Post Gold Coins are 24 carat with 99.99 % purity while as those available in market are 99.5 % pure,” a statement from John Samuel, Chief Postmaster General of J& K said.
“The Gold coins are made in Valacambi, Switzerland and they are packed in tamper proof packages. The coins are of 0.5 gm, 1 gm, 2 gm, 5 gm, 8 gm, 10 gm, 20 gm and 50 gm. 7% special discount will be provided to the customers on the sale of gold coins during this festive season from October8 to December 31, 2012,”announced Samuel.
