Amid India’s transition to a digital economy, the Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to transform itself.
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.
Praising the corporation, the minister further said the commemorative stamps and coins produced by the organisation are reflective of India’s branding, cultural and environment issues.
Sitharaman said SPMCIL is performing in an era where its core business of minting currencies will probably become a token in a future era when there will be digital currencies.
“So you have to look at and introspect as to how, when the core business is getting depleted, not because of your performance but because we are moving to a digital era, what is it that you have for the future,” she said.
“I would leave this thought behind for the managers and all those who are part and parcel of running this institution as to how you transform yourself, how you walk on the bridge to a new developed India, a new digital India and a new country looking forward to pushing all frontiers using technology,” the minister said.
What is SPMCIL, how it works?
SPMCIL is engaged in the manufacture or production of Currency and Bank Notes, Security Paper, Non-Judicial Stamp Papers, Postal Stamps & Stationery, Travel Documents viz. Passport and Visa, Security certificates, Cheques, Bonds, Warrant, Special Certificates with security features, Security Inks, Circulation & Commemorative Coins, Medallions, Refining of Gold & Silver, and Assay of Precious Metals.
The core strengths of SPMCIL include manufacture of bank notes and coins, also commemorative coins, and security products like passport and non-judicial postal stamps.
Notably, the SPMCIL has set the standards in gold and silver refining, and since 2022-23, SPMCIL has refined 5,300 kg of seized gold.
Further, it has paid a dividend of Rs 533.77 crore for 2022-23.
The Ministry of Finance exercises its administrative control over SPMCIL through Board of Directors.
