Security Printing and Minting Corporation of India
Company type | Statutory Body |
---|---|
Industry |
|
Founded | 10 February 2006 |
Headquarters | Bank Notes Non-Judicial Stamp Papers Security Products Circulation & Commemorative Coins Security Ink |
Revenue | ₹4,712.57 crore (US$590 million) (2021)[2] |
₹789.74 crore (US$99 million) (2021)[2] | |
₹423.81 crore (US$53 million) (2021) | |
Total assets | ₹7,828.19 crore (US$980 million) (2021)[2] |
Owner | Ministry of Finance, Government of India |
Number of employees | 7,234 (2021) |
Subsidiaries | Bank Note Paper Mill India |
Website | spmcil.com |
The Security Printing & Minting Corporation of India Ltd. (SPMCIL) is a company under the
The corporation was formed in 2006 as the result of
History
The corporation was incorporated by taking over two security presses at
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in the existing system of keeping these units as government entities were low productivity, obsolete technology, outdated financial systems and procedures, besides delay in responding technologically to the challenges of counterfeiting. All these factors, in combination, were resulting in inefficient capacity utilization and consequential higher cost of production.
Corporatisation
In view of the above, the Industrial Finance Corporation of India (IFCI) Limited was appointed as consultant to study the working of the nine units and present a feasibility report for their corporatisation. 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. Following the corporatisation of the India Security Press and the four India Government Mints on 10 February 2006.
Organisation structure
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 departments of technology, finance and human resource. Apart from the four functional directors, two independent directors are nominated by the Ministry of Finance and one by the Ministry of External Affairs. The board also commissions a Chief Vigilance Officer (CVO) who heads the organisation's internal vigilance department. His functional responsibilities include managing production planning, maintenance, technology, R&D, logistics, procurement and marketing. Every individual unit is headed by a Chief General Manager who functions under the control and directions of the head office.
Human resource
The Human Resource Department handles administration, establishment, legal matters, training, personnel and industry relations.
Finance department
The finance department handles accounts, taxation, internal audits, costing, budgeting, capital investments corporate finance, co-ordination with auditors, systems and co-ordination, company secretariat etc.
Units
According to the information made available, 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
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 production of bank notes 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 machinesetc.[3]
It is established in 1928 as the first printing press for bank notes in India.
Security printing presses
There are two Security printing presses of SPMCIL, namely the India Security Press (ISP) at Nashik and 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 and 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
SPMCIL comprises four units of
Paper mill
Security Paper Mill was established in 1968 at
References
- ^ "Board of Directors – SPMCIL". Archived from the original on 13 February 2020. Retrieved 10 February 2020.
- ^ a b c "SPMCIL Annual Financial Statement Results 2019" (PDF). Archived (PDF) from the original on 9 May 2021. Retrieved 10 February 2020.
- ^ 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.
- ^ "Notes from the mint". Business Standard. 28 August 2010. Archived from the original on 25 May 2014. Retrieved 25 May 2014.
- ISBN 978-81-7758-562-9.
- ^ "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.
- 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
- Security Printing and Minting Corporation of India Limited (SPMCIL)
- Bank Note Paper Mill India Private Limited(BNPM)