SPMCIL explore ways to increase export of coins, currency: Piyush

SPMCIL explore ways to increase export of coins, currency: Piyush

Agency News

New Delhi, Feb 10: Union Finance Minister Piyush Goyal on Sunday said the Security Printing and Minting Corporation of India (SPMCIL) should explore more avenues to export coins, notes and postal stamps across the world to generate more revenue.

“We have the potential to export to all 55 countries of Africa. European nations spend lots of money in minting of coins. We can export our coins, currency and stamps there.

“What we need for the purpose to have a huge outreach programme and to think out of box,” Mr Goyal said on the 13th foundation day of the SPMCIL here.

The Minister said his Government would provide all financial help to modernize its nine production units to expand its export across the world.

“India should have nothing but the best,” he said and asked Department of Economics Affairs Secretary Subhash Chandra Garg to approve all its funds, needed to improve its machines and infrastructure.

Mr Goyal said the SPMCIL has posted its net profit of Rs 630 crore last year and quipped that with the modern technology they should now target the next fiscal profit of Rs 6,000 crore.

Speaking on the occasion, Mr Garg said the organization has become self-sufficient in currency paper and one more mill is coming in Hoshangabad. It will take care of needs of currency paper requirement of RBI printing press.

He said new series of coins have been designed in a way that they are friendly to visually handicapped people.

SPMCIL supplies bank notes, coins, inks, postal stamps and security paper to the central government and the states. It has posted a net profit of Rs 630 crore last year, of which Rs 200 crore has been handed over to the government as dividend. (UNI)