Security Printing and Minting Corporation of India
Official Logo of Security Printing and Minting Cooperation of India Limited (SPMCIL) | |
| Company type | Statutory Body |
|---|---|
| Industry |
|
| Founded | 10 February 2006 |
| Headquarters | Jawahar Vyapar Bhawan, Janpath, New Delhi |
Area served | India |
Key people | [1] CMD |
| Products | Currency Notes Bank Notes Non-Judicial Stamp Papers Security Products Circulation & Commemorative Coins Security Ink |
| Revenue | |
| Total assets | |
| Owner | Ministry of Finance, Government of India |
Number of employees | 5,752 (2024) |
| Subsidiaries | Bank Note Paper Mill India |
| Website | spmcil.com |
The Security Printing & Minting Corporation of India Ltd. (SPMCIL) is an organization under the Coin and Currency Division of Department of Economic Affairs, Ministry of Finance. It is responsible for conducting printing and minting activities for the Government of India. It is under the ownership of the Ministry of Finance, Government of India. It was incorporated on 13 January 2006 with its registered office at New Delhi.[3] It is engaged in the manufacture / production of currency and banknotes, security paper, non-judicial stamp papers, postage stamps and stationery, travel document viz., passport and visa, security certificates, cheques, bonds, warrants, special certificates with security features, security inks, circulation and commemorative coins, medallions, refining of gold, silver and assay of precious metals, etc.[4]
The corporation was formed in 2006 due to the consolidation and corporatization of currency presses, security presses, paper mill, and mints functioning under the Ministry of Finance. It contains nine units, four mints, four presses, and a paper mill.[5]
History
[edit]The corporation was incorporated by taking over two security presses at Nashik and Hyderabad, two currency note presses at Dewas and Nashik, four mints at Mumbai, Kolkata, Hyderabad and Noida and one security paper mill at Narmadapuram which were working under the direct administrative control of the Ministry of Finance and the Department of Economic Affairs. In its third report dated 23 December 2000, the Expenditure Reforms Commission gave nine recommendations concerning mints and presses and suggested exploring the option of placing India Security Press, Nashik, and four India Government Mints under a corporate body. The commission also recommended the government to explore the feasibility of the Department of Posts taking over the Security Printing Press at Hyderabad. The Commission further recommended for the two currency note presses at Dewas and Nashik to be transferred to the control of Bharatiya Reserve Bank Note Mundran Private Limited, setting up of a new security paper mill by the Reserve Bank of India (RBI) and phasing out or privatization of Security Paper Mill, Narmadapuram.
Neither the RBI nor the Department of Posts agreed to take over the security presses as per the recommendations of the Expenditure Reforms Commission. The feasibility of hiving off the security paper mill at Hoshangabad could not fructify due to operational and logistic constraints. On subsequent review of functions and performance of the Units, it was realized that the main constraints in the existing system of keeping these units as government entities were low productivity, obsolete technology, outdated financial systems and procedures, and delays in responding technologically to the challenges of counterfeiting. All these factors, in combination, resulted in inefficient capacity utilization and a consequential higher cost of production.
Corporatisation
[edit]Industrial Finance Corporation of India (IFCI) Limited was appointed as a consultant to study the working of the nine units and present a feasibility report for their corporatization. Accordingly, it was decided to form a wholly owned corporation by taking over all the nine security presses/mints/security paper mill. The Union Cabinet in its meeting held on 2 September 2005 approved the formation of a wholly owned corporation, namely, the Security Printing and Minting Corporation of India Limited (SPMCIL). The corporation was incorporated under the Companies Act on 13 January 2006.
Organisation structure
[edit]SPMCIL is headed by a board of directors, presided by the Chairman and Managing director. The other board members include three functional directors who head the technical, finance, and human resources departments. Apart from the four functional directors, three directors are Government nominee directors, and the end-user representatives consisting of Reserve Bank of India, Ministry of External Affairs, and Department of Post, each one of them, has one nominee as Director. Additionally, two independent directors are nominated by the Ministry of Finance. The board also commissions a Chief Vigilance Officer (CVO) who heads the organization's internal vigilance department. Each unit of SPMCIL is headed by a Chief General Manager/General Manager HOD who functions under the control and directions of the Head office.
Human Resource
[edit]The Human Resource Department handles administration, establishment, legal, official language, training, personnel, and industrial relations.
Finance and Accounts
[edit]The finance department handles accounts, taxation, internal audits, costing, budgeting, capital investments, corporate finance, coordination with auditors, company secretariat etc.
Units
[edit]SPMCIL broadly operates through four production verticals i.e. currency printing presses, security printing presses, security paper mill, and India Government mints.
Currency printing presses
[edit]SPMCIL consists of two currency printing presses: the Currency Note Press (CNP) in Nashik and the Bank Note Press (BNP) in Dewas. New production lines are also set up in Mysore and Salboni. The two units are engaged in the production of banknotes for India as well as a few foreign countries including Iraq, Nepal, Sri Lanka, Myanmar and Bhutan. More than 40% of Currency Notes circulated in India are printed by the two units. These units are equipped with designing, engraving, complete Pre-printing and Offset facilities, Intaglio Printing machines, Numbering & Finishing machines, etc.[3]
Currency is also printed by the two presses of Bharatiya Reserve Bank Note Mudran Private Limited, a wholly owned subsidiary of Reserve Bank of India. BNP also has an ink factory that produces ink for security printing in Dewas Bank Note Press (BNP) unit.[6]
Security printing presses
[edit]There are two Security printing presses of SPMCIL, namely the India Security Press (ISP) at Nashik and the Security Printing Press (SPP) at Hyderabad. These presses print the 100% requirement of passports and other travel documents, non-judicial stamp papers, cheques, bonds, warrants, postal stamps, postal stationery, and other security products. The Security Printing Presses have the capability of incorporating security features like chemically reactive elements, various Guilloche patterns, micro lettering, designs with UV inks, bi-fluorescent inks, optical variable inks, micro-perforation, adhesive/glue, embossing, die-cutting and personalization, etc.[3]
Mints
[edit]SPMCIL comprises four units of India Government Mint located in the cities of Mumbai, Kolkata, Hyderabad, and Noida.[7] These mints produce circulation coins, commemorative coins, medallions and bullion, as required by the Government of India.[8]
Paper mill
[edit]Security Paper Mill was established in 1968 at Narmadapuram, Madhya Pradesh. It produces papers for banknotes, non–judicial stamps, and passport paper.[9]
References
[edit]- ^ "Board of Directors – SPMCIL". Archived from the original on 13 February 2020. Retrieved 10 February 2020.
- ^ a b c "SPMCIL Annual Financial Statement Results 2023" (PDF). Archived (PDF) from the original on 9 May 2021. Retrieved 25 October 2024.
- ^ a b c "SIXTH REPORT: COMMITTEE ON PUBLIC UNDERTAKINGS" (PDF). Archived (PDF) from the original on 12 April 2018. Retrieved 12 April 2018.
- ^ "To reduce imports, Security Printing and Minting Corporation of India Ltd, RBI to enhance currency note facility". The Times of India. 12 February 2013. Archived from the original on 15 February 2013. Retrieved 24 May 2014.
- ^ "Record Performance of SPMCIL in Production of Bank Notes, Coins and Security Products During 2012–13". Press Information Bureau. 14 May 2013. Archived from the original on 25 May 2014. Retrieved 24 May 2014.
- ^ "SPMCIL to invest in security paper and ink manufacturing as a part of its Rs 2500-cr expansion plan". printweek.com. Archived from the original on 25 May 2014. Retrieved 25 May 2014.
- ^ Thorpe Edgar. The Pearson Guide to the Central Police Forces. Pearson Education India. p. 209. ISBN 978-81-317-1569-7.
- ^ "Crafting Bharat Ratna, Padma Medals at Kolkata Mint". Press Information Bureau. January 2014. Archived from the original on 8 December 2015. Retrieved 25 May 2014.
- ^ "Speech of the Hon'ble Finance Minister on the occasion of the Foundation Stone laying of Bank Note Paper Line at SPM, Hoshangabad today". Press Information Bureau. 17 December 2011. Archived from the original on 25 May 2014. Retrieved 25 May 2014.
External links
[edit]- Security Printing and Minting Corporation of India Limited (SPMCIL)
- Bank Note Paper Mill India Private Limited(BNPM)