SPMCIL

Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to transform itself at a time when its core business of printing currencies is depleting because of India's transition to a digital economy. Addressing the foundation day of SPMCIL, Sitharaman said at a time when minting coins in a digital era has become slightly jaded, the corporation has kept itself relevant by coming out with commemorative coins which can be gifted as souvenirs. The commemorative stamps and coins produced by the organisation are reflective of India's branding, cultural and environment issues, she said. SPMCIL has set the standards in gold and silver refining, and since 2022-23, SPMCIL has refined 5,300 kg of seized gold. It has paid a dividend of Rs 533.77 crore for 2022-23. The core strengths of SPMCIL include manufacture of bank notes and coins, also commemorative coins, and security products like passport and non-judicial ..

Security Printing and Minting Corporation of India Limited, under its modernisation initiatives, has set up 'new bank note printing lines' at Currency Note Press, Nashik and Bank Note Press, Dewas

Finance Minister Piyush Goyal Sunday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to tap its full potential and expand export footprint so that profit can grow exponentially. "I am told that the company has already initiated talks with some countries for minting of coins and you have potential to export to African countries and European nations," he said at the 13th foundation day event of SPMCIL here. The company should have huge outreach programme and try to get big orders in the area of minting of coins, printing of currency notes and postal stamp etc, he said, adding it should dream big and think of achieving profit of Rs 6,000 crore. The company should also focus on modernisation of its nine production units across the country so that it can get export order, Goyal added. SPMCIL, which earned a profit of Rs 630 crore last fiscal, is engaged in the production of currency and bank notes, Security Paper, postal stamps, security inks, and ...