Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ൲ways to transform itself at a time when its core business of printing currencies is depleting becaꦐuse of India's transition to a digital economy.
Addressing the foundation day of SPMCIL, Sitharaman said at a time when minting coins in a digital era has become slightly jaded, the corporation has kept itself relevant by com🎃ing out with commemorative coins which can be gifted as souvenirs.
The commemorative stamps and coins produced by the organisation a🐼re reflective of India's branding, cultural and environment issues, she said.
SPMCIL has set the standards in gold and silver refining, and since 2022-23, SPMCIL has refined 5,300 kg of seized gold. It has paid a dividend of Rs 53🌼3.77 crore for 2022-23.
The core strengths of SPMCIL include manufactur꧙e of bank💎 notes and coins, also commemorative coins, and security products like passport and non-judicial postal stamps.
Sitharaman said SPMCIL is performing in an era where its core business of minting currencies will probably become💃 a token in a future era when ther💦e will be digital currencies.
"So you have to look at and introspect as to how, when the core business is getting depleted, not because of your perfꦚormance but because we are moving to a digital era, what is it that you have for the future.
"I would leave this thought behind for the managers and all those who are part and parcel of runnin🦄g this institution as to how you transform yourself, ꦑhow you walk on the bridge to a new developed India, a new digital India and a new country looking forward to pushing all frontiers using technology," the minister said.
Sitharaman also launched three souvenir coins of SPMC♏IL --- coloured coin on one-horned rhino, bi-metallic coins on enlightenment of Buddha, and a c🌠oloured coin on Ayodhya Ram Mandir with Ram Lalla on one side and Ram temple on the other side.
The minister further said SPMCIL's e-passport track and trace system is a significant contri😼bution towards ease of living.
