| Company type | Statutory body |
|---|---|
| Industry |
|
| Founded | 10 February 2006; 19 years ago (10 February 2006) |
| Headquarters | Jawahar Vyapar Bhawan,Janpath, New Delhi |
Area served | India |
Key people | [1] CMD |
| Products | Currency Notes Bank Notes Non-Judicial Stamp Papers Security Products Circulation & Commemorative Coins Security Ink |
| Revenue |  ₹4,714.8 crore (US$560 million) (2023-24)[2] |
| ₹1,384.84 crore (US$160 million) (2024)[2] | |
| ₹911.04 crore (US$110 million) (2024) | |
| Total assets | ₹9,639.90 crore (US$1.1 billion) (2024)[2] |
| Owner | Ministry of Finance,Government of India |
Number of employees | 5,752 (2024) |
| Subsidiaries | Bank Note Paper Mill India |
| Website | spmcil.com |
TheSecurity Printing & Minting Corporation of India Ltd. (SPMCIL) is an organization under the Coin and Currency Division of theDepartment of Economic Affairs,Ministry of Finance. It is responsible for conducting printing and minting activities for theGovernment of India. It is under theownership of the Ministry of Finance,Government of India. It was incorporated on 13 January 2006 with its registered office atNew Delhi.[3] It is engaged in the manufacture / production of currency andbanknotes,security paper, non-judicial stamp papers,postage stamps and stationery,travel document viz.,passport andvisa,security certificates,cheques, bonds, warrants, special certificates with security features, security inks, circulation and commemorative coins, medallions, refining of gold, silver and assay of precious metals, etc.[4]
The corporation was formed in 2006 due to the consolidation andcorporatization of currency presses, security presses, paper mill, and mints functioning under the Ministry of Finance. It contains nine units, four mints, four presses, and a paper mill.[5]
The corporation was incorporated by taking over two security presses atNashik andHyderabad, two currency note presses atDewas andNashik, four mints atMumbai,Kolkata,Hyderabad andNoida and one security paper mill atNarmadapuram which were working under the direct administrative control of theMinistry of Finance and the Department of Economic Affairs. In its third report dated 23 December 2000, the Expenditure Reforms Commission gave nine recommendations concerning mints and presses and suggested exploring the option of placingIndia Security Press, Nashik, and four India Government Mints under a corporate body. The commission also recommended the government to explore the feasibility of theDepartment 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 ofBharatiya Reserve Bank Note Mundran Private Limited, setting up of a new security paper mill by theReserve Bank of India (RBI) and phasing out or privatization of Security Paper Mill, Narmadapuram.
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, and delays in responding technologically to the challenges of counterfeiting. All these factors, in combination, resulted in inefficient capacity utilization and a consequential higher cost of production.
Industrial Finance Corporation of India (IFCI) Limited was appointed as a consultant to study the working of the nine units and present a feasibility report for their corporatization. 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.
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 technical, finance, and human resources departments. Apart from the four functional directors, three directors are Government nominee directors, and the end-user representatives consisting ofReserve Bank of India, Ministry of External Affairs, and Department of Post, each one of them, has one nominee as Director. Additionally, two independent directors are nominated by the Ministry of Finance. The board also commissions a Chief Vigilance Officer (CVO) who heads the organization's internal vigilance department. Each unit of SPMCIL is headed by a Chief General Manager/General Manager HOD who functions under the control and directions of the Head office.
The Human Resource Department handles administration, establishment, legal, official language, training, personnel, and industrial relations.
The finance department handles accounts, taxation, internal audits, costing, budgeting, capital investments, corporate finance, coordination with auditors, company secretariat etc.
SPMCIL broadly operates through four production verticals i.e. currency printing presses, security printing presses, security paper mill, and India Government mints.
SPMCIL consists of two currency printing presses: the Currency Note Press (CNP) inNashik and the Bank Note Press (BNP) inDewas. New production lines are also set up inMysore andSalboni. The two units are engaged in the production of banknotes for India as well as a few foreign countries includingIraq,Nepal,Sri Lanka,Myanmar andBhutan. 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 machines, etc.[3]
Currency is also printed by the two presses ofBharatiya Reserve Bank Note Mudran Private Limited, a wholly owned subsidiary ofReserve Bank of India. BNP also has an ink factory that produces ink for security printing inDewas Bank Note Press (BNP) unit.[6]
There are two Security printing presses of SPMCIL, namely the India Security Press (ISP) at Nashik and the 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, 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]
SPMCIL comprises four units ofIndia Government Mint located in the cities of Mumbai, Kolkata, Hyderabad, and Noida.[7] These mints producecirculation coins, commemorative coins, medallions and bullion, as required by the Government of India.[8]
Security Paper Mill was established in 1968 atNarmadapuram,Madhya Pradesh. It produces papers for banknotes, non–judicial stamps, and passport paper.[9]