Attention please: Gold coins sold at post offices

Discussion in 'Money Matters' started by Phalguni, Jan 21, 2009.

  1. Phalguni

    Phalguni Bronze IL'ite

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    Hi Friends,
    As many of you might be knowing, gold coins of different denominations are made available at post offices in association with 'Reliance money'.For every 10 gms you buy,you get 0.05 g as a gift till this month end.
    To grab the opportunity, yesterday I sent someone to buy the same.!0 gms cost me Rs15496 +vat Rs 154.A total of Rs 15650.Where as the prevailing market rate for the same was Rs 13300.
    This transaction left me feeling cheated.I didn't expect this sort of looting from the Govt.There is a fine print on the receipt that the coins can not be taken back.I am completely at loss about the course of action I can take.
    What is your take on this? Any suggestions? I doubt whether I can do anything,but I would be very happy if my experience prevents any of my dear IL friends from falling into this trap.
     
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  2. muzna

    muzna Silver IL'ite

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    Last edited: Jan 21, 2009
  3. swathi14

    swathi14 IL Hall of Fame

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    Dear Phalguni,

    Thanks for your cautious post. I also planned to buy post office coins, which is available in 0.5 gms also. But why they are charing so much high rates?

    Andal
     
  4. Shanvy

    Shanvy IL Hall of Fame

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    Hi phalguni,

    Most of the govt offices, for that matter the PSU banks the exchange rate conversion sometimes leaves you cheated in the same way.

    One word of caution always, think twice, don't get into the small freebies that are advertised in greater fonts, work out the cost and then decide whether to buy. it is not only for gold, even when there are freebies that are added to any electronic item too.

    My husband always says there is nothing called free lunch. but that does not mean you don't get bargain offers.

    There was this ad coming on tv in chennai a new shop has opened for Gold and they are giving 600rs less than the prevailing market rate, and very few of us are going to wait, analyse and check how is it possible.

    thanks for cautioning everybody....
     
  5. Haasinii

    Haasinii Bronze IL'ite

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    Phalguni

    thanks alot for giving us this info and saving us from being cheated. my father used to tell me that we can busy such gold coins etc and this time i was also interested but now after reading your experience I dont think i would buy any
     
  6. Phalguni

    Phalguni Bronze IL'ite

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    Hi Shanti,
    Under normal circumstances,I'd have thought thrice-not twice-before buying anything on offer.I compare expiry dates,quality and quantity (ex:1litre oil should cost less than 1 kg oil.)Actually,that morning I've checked the gold rate in the news paper,but, as it was a Govt. offer,I didn't update the person who went to to buy.I still can not understand the logic behind this daylight robbery. And how people falling prey to that?Can any one please enlighten me?
    Thanx and regards
    Phalguni
     
  7. bchandra2008

    bchandra2008 Bronze IL'ite

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    There is no day light robbery in this

    You must have checked the post office rates before buying and compared with the prevailing market rates; A visit to your local jeweller would have educated you. All the banks like BOB, PNB, HDFC Bank, ICICI sell at a premium as compared to the prevailing market rate. The premium is charged mainly for the guarantee and sealed pack.

    Your local jeweller will also give you 99.999% purity foreign gold coin but it comes without a packing or a packing from a not so repeated dealer; and without a guarantee

    Nobody forced you from buying from the post office;; You have an option of trusting your jeweller or go to the post office

    I think another option you can consider is to buy Gold ETFs traded on National stock exchange

    You get to buy and sell at the prevailing international prices ; but here you hold the gold in paper form

    bye
     

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