Security Printing & Minting Corporation of India Ltd. (SPMCIL), a wholly owned company of Government of India, was incorporated in January 2006 with its HQs in New Delhi. It is a Miniratna status public sector undertaking and is engaged in the manufacture of security paper, printing of currency and bank notes, non-judicial stamps paper, postage stamps, travel documents, minting of coins, etc. There were four Mints, two Note Printing Presses, two Security Printing Presses and one Security Paper Mill under Ministry of Finance. These units were departmental organizations under Currency and Coinage Division of the Department of Economic Affairs, Ministry of Finance, Govt. of India.
The main function of the Mints is minting of coins to meet domestic requirements. High Quality security inks are also manufactured and supplied. The Assay Departments attached to Mumbai and Kolkata Mints assay gold, silver and alloys for coins, medals, badges and commemorative coins etc. Mints Possibilities of taking up export assignments in minting is being explored. While the note printing presses are involved in printing currency/bank notes, the security printing presses produce non-judicial stamp papers, postage stamps, commemorative stamps, postal stationery, travel documents etc. These units were departmental organisations under Currency and Coinage division of the Department of Economic Affairs Ministry of Finance, Govt. of India before their corporatisation in February 2006.
These units are headed by General Managers and assisted by Deputy General managers and FA&CAOs. These are industrial units and come under the purview of factories act and different labor laws of the country. Significant level of delegation of powers has been made to GM for better management. However, it was felt that corporatisation is required to make these units vibrant, accordingly decisions were taken. These units have been working against a budget hence management practices of efficiency etc. were not widely known to them. Accounting was done on cash basis.
There are more than 16,000 employees working in these units. Turn over of these units is more than Rs. 2,000 crores during financial year 2007-08. Capital base is more than Rs. 3,400 crores whereas total assets are more than Rs. 4,000 crores.