The Security Printing & Minting Corporation of India Ltd. (SPMCIL) is a government printing and minting agency. It is under the jurisdiction of Ministry of Finance , Government of India was incorporated on 13 January 2006 with its registered office at New Delhi.[1] The statutory body is engaged in the manufacture / production of Currency and Banknotes, Security Paper, Non-judicial Stamp Papers, Postal Stamps & Stationery, Travel Documents viz., Passport and Visa, Security Certificates, Cheques, Bonds, Warrants, Special Certificates with Security Features, Security Inks, Circulation & Commemorative Coins, Medallions, Refining of Gold, Silver and Assay of Precious Metals, etc.[2]

Security Printing and Minting Corporation of India Ltd
TypeGovernment Printing and Minting Agency
Industry
Founded10 February 2006; 15 years ago (10 February 2006)
HeadquartersJawahar Vyapar Bhawan, Janpath, New Delhi
Area served
India
Key people
Tripti Patra Ghosh[3]
(Chairman and Managing Director)
ProductsCurrency Notes
Bank Notes
Non-Judicial Stamp Papers
Security Products
Circulation & Commemorative Coins
Security Ink
RevenueIncrease 5,711.34 crore (US$760 million) (2019)[4]
Increase 815.8 crore (US$110 million) (2019)[4]
Increase 527.87 crore (US$70 million) (2019)
Total assetsIncrease 7,972.66 crore (US$1.1 billion) (2019)[4]
OwnerMinistry of Finance , Government of India
Number of employees
8,918 (2019)
SubsidiariesBank Note Paper Mill India Limited
Websitewww.spmcil.com

The corporation was formed in 2006 as the result of Nationalisation of security presses and mints functioning under the Indian Ministry of Finance. It contains nine units, four mints, four presses and a paper mill.[5]

History

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 Hoshangabad which were working under the direct administrative control of the Ministry of Finance and the Department of Economic Affairs. The Expenditure Reforms Commission in its 3rd Report dated 23 December 2000 gave a set of nine recommendations concerning mints and presses and suggested the exploration of 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, Hoshangabad.

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, the newly constituted SPMCIL was saddled with excess and untrained manpower and outdated machinery.[1]

Organisation structure

Corporate Structure of SPMCIL
Corporate Structure of SPMCIL

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.

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.

Human Resource

The human resource department handles administration, establishment, legal matters, training, personnel and industry relations.

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.[1]

It is established in 1928 as the first printing press for bank notes in India.[6] They are currently responsible for the printing of the new 500 rupee notes following the demonetisation of the old 500 rupee and 1000 rupee note. 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. They are currently responsible for the printing of the new 2000 rupee notes, and speculations suggest that the printing of the 500 rupee notes will also shift to these presses for better speed and fewer errors.[7] BNP also has an ink factory that produces ink for security printing.[8]

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.[1]

Mints

SPMCIL comprises four units of India Government Mint located in the cities of Mumbai, Kolkata, Hyderabad and Noida.[9] These mints produce circulation coins, commemorative coins, medallions and bullion, as required by the Government of India.[10]

Paper mill

Security Paper Mill was established in 1968 at Hoshangabad, Madhya Pradesh. It produces papers for banknotes and non–judicial stamps and further prints with new enhanced unit.[11]

Suggestion for printing and circulating currency

Allow individuals to print and collect wages according to their weight data. Individuals and SPMCIL can agree to a data exchange rate and use the below formula to print currency:

Total amount available for printing and circulating = Weight of an individual x Data exchange rate negotiated by individual with SPMCIL

Commission for SPMCIL = Total amount available for printing and circulating - Individual's wage

References

  1. ^ a b c d "SIXTH REPORT: COMMITTEE ON PUBLIC UNDERTAKINGS" (PDF).
  2. ^ "To reduce imports, Security Printing and Minting Corporation of India Ltd, RBI to enhance currency note facility". Times of India. 12 February 2013. Retrieved 24 May 2014.
  3. ^ "Board of Directors – SPMCIL". Retrieved 10 February 2020.
  4. ^ a b c "SPMCIL Annual Financial Statement Results 2019" (PDF). Retrieved 10 February 2020.
  5. ^ "Record Performance of SPMCIL in Production of Bank Notes, Coins and Security Products During 2012–13". Press Information Bureau. 14 May 2013. Retrieved 24 May 2014.
  6. ^ "Notes from the mint". Business Standard. 28 August 2010. Retrieved 25 May 2014.
  7. ^ Pathak (1 September 2007). The Indian Financial System: Markets, Institutions And Services, 2/E. Pearson Education India. p. 729. ISBN 978-81-7758-562-9.
  8. ^ "SPMCIL to invest in security paper and ink manufacturing as a part of its Rs 2500-cr expansion plan". printweek.com. Retrieved 25 May 2014.
  9. ^ Thorpe Edgar. The Pearson Guide to the Central Police Forces. Pearson Education India. p. 209. ISBN 978-81-317-1569-7.
  10. ^ "Crafting Bharat Ratna, Padma Medals at Kolkata Mint". Press Information Bureau. January 2014. Retrieved 25 May 2014.
  11. ^ "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. Retrieved 25 May 2014.