Finance Minister Nirmala Sitharaman instructed the state-owned Security Printing & Minting Corporation of India (SPMCIL) on Thursday to identify methods to restructure itself as its core business of printing currency declines due to India's move to a digital economy.
Addressing SPMCIL's foundation day, Sitharaman stated that at a time when minting coins in a digital age has become somewhat jaded, the corporation has remained relevant by releasing commemorative coins that may be given as keepsakes.
The organization's commemorative stamps and coins highlight India's branding, cultural, and environmental challenges, she explained.
SPMCIL has set the standard for gold and silver refining, having refined 5,300 kg of seized gold from 2022-23. It paid a dividend of Rs 533.77 crore in 2022-23.
SPMCIL's key competencies include the production of banknotes and coins, as well as commemorative coins and security items like passports and non-judicial postal stamps.
Sitharaman stated that SPMCIL is operating in an era in which its basic activity of minting currency will most likely become a token in a future era of digital currencies.
"So you must consider and reflect on how, as the core business gets depleted, not as a result of your performance, but as we transition to a digital world, what plans do you have for the future. I would leave this concept behind for the managers and all those who are part and parcel of operating this institution as to how you alter yourself, how you walk on the bridge to a new developed India, a new digital India, and a new country eager to push all frontiers using technology," the minister said.
Nirmala Sitharaman also unveiled three SPMCIL souvenir coins: a colored coin featuring a one-horned rhino, bimetallic coins depicting Buddha's enlightenment, and a colored coin depicting Ayodhya Ram Mandir with Ram Lalla on one side and Ram temple on the other.
The minister added that SPMCIL's e-passport track and trace system makes a substantial contribution to ease of living.
