Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Union Minister of State for Finance Pankaj Chaudhary inaugurated the Security Printing and Minting Corporation of India Limited’s (SPMCIL) new corporate office in New Delhi on June 9. 

Sitharaman lauded the performance of SPMCIL and expressed confidence that it will soon become a Navratna state-owned company.

What is the role of SPMCIL?

• Security Printing and Minting Corporation of India Limited (SPMCIL) was formed after corporatisation of nine units including four government mints, two currency presses, two security presses and one security paper mill which were earlier functioning under the Ministry of Finance. 

• The company was incorporated on January 13, 2006 under the Companies Act, 1956 with its headquarters at  New Delhi.

• SPMCIL, under the administrative control of the Department of Economic Affairs of the Finance Ministry, is a Schedule ‘A’ Miniratna Category-I company of the government of India.

• The company is wholly owned by the central government with authorised share capital of Rs 2,500 crore and paid-up share capital of Rs 987.50 crore.

• The Reserve Bank of India (RBI) is the customer for currency notes supplied by two currency presses of SPMCIL — Bank Note Press (BNP), Dewas and Currency Note Press (CNP), Nashik. 

• Currency Note Press (CNP) is situated at Nashik Road, Maharashtra. It was established in 1928 with the objective of printing currency/bank notes of denominations as per the requirements and indents placed by Reserve Bank of India.

• Bank Note Press, Dewas was established in 1974 with the objective of producing world class, high quality banknotes.

• These units are equipped with designing, engraving, complete pre-printing and offset printing facilities, intaglio printing machines, numbering & finishing machines, etc. These units have captive railway treasury wagons/carriages for transporting the treasury consignments.

• The Postal Department is the customer for postal stationery, stamps, etc supplied by the two Security Presses of the company — Security Printing Press (SPP), Hyderabad and India Security Press (ISP), Nashik. 

• The Ministry of External Affairs (MEA) and Ministry of Home Affairs (MHA) are customers for passports and visa stickers, respectively.

• The state governments are customers for non-judicial stamp papers and allied stamps.

• These security presses also produce various security items like cheques, railway warrants, income tax return order forms, saving instruments, commemorative stamps, excise adhesive labels, certificates, etc for various customers. 

• The Department of Economic Affairs (DEA), Ministry of Finance, is the customer for circulation coins supplied by the four India Government Mints (IGMs) of the Company at Mumbai, Kolkata, Hyderabad and Noida. 

• These four mints are carrying out minting of all coins circulated in the country. 

• The company has one Security Paper Mill (SPM) at Narmadapuram in Madhya Pradesh which manufactures security paper for use by currency/security Presses. 

• The company also has an ink factory at Dewas which manufactures offset ink, UV ink and quickset intaglio ink for use by the presses of SPMCIL.

• SPMCIL has a joint venture (50:50) with Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) in the name of Bank Note Paper Mill India Private Limited (BNPMIPL) for manufacturing banknote paper.

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