Security Trading Corporation of India
Security Trading corporation of India: The Security Printing & Minting Corporation of India Ltd. (SPMCIL) is a Mini-Ratna Central Public Sector Enterprise (CPSE). It is wholly owned by the Government of India Schedule “A” Company of the Government of India and was incorporated on 13 January 2006 with its registered office at New Delhi. The Corporation is engaged in the manufacture/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, Warrants, Special Certificates with Security Features, Security Inks, Circulation & Commemorative Coins, Medallions, Refining of Gold, Silver, and Assay of Precious Metals, etc.
The company was formed in 2006 as the result of the corporatization of security presses and mints functioning under the Indian Ministry of Finance. It contains nine units, four mints, four presses, and a paper mill.
Organization structure
SPMCIL organisational sturcute
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 organization’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, coordination with auditors, systems and coordination, company secretariat etc.
Human Resource
The human resource department handles administration, establishment, legal matters, training, personnel and industrial 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 mills, 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. The two units are engaged in the production of banknotes 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 machines etc.
The CNP was established in 1928 as the first printing press for banknotes in India. They are currently responsible for the printing of the new 500 rupee notes following the demonetization 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. BNP also has an ink factory that produces ink for security printing.
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.
Mints
SPMCIL comprises four units of India Government Mint located in the cities of Mumbai, Kolkata, Hyderabad and Noida. These mints produce circulation coins, commemorative coins, medallions and bullion, as required by the Government of India.
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.