Growth-Oriented MoU Signed Between SPMCIL and Department of Economic Affairs
SPMCIL signed the growth-oriented MoU with the Department of Economic Affairs (DEA), Ministry of Finance on 25 March 2013.
Security Printing and Minting Corporation of India Limited (SPMCIL) signed the Memorandum of Understanding (MoU) with the Department of Economic Affairs (DEA), Ministry of Finance on 25 March 2013. This is the growth-oriented MoU which sets the ambitious Sales target of 3407 crore Rupees as well as the Gross Operating Margin target of 511 crore Rupees for 2013-14 fiscal year.
Key features of the MoU
• The MoU was exchanged between Additional Secretary, Department of Economic Affairs, Ministry of Finance and CMD, SPMCIL.
• The MoU was signed based on the targets as well as parameters negotiated by a Department of Public Enterprises (DPE).
• The MoU focuses on growth charter in the globally competitive environment. It incorporates different parameters for evaluation of the performance.
• As per the signed MoU, SPMCIL committed for increasing its manpower efficiency for producing Security Paper, Bank Notes as well as coins.
• Also, SPMCIL will be committed towards modernisation of the plant and machinery as well as indigenisation of the security products.
• According to the MoU, SPMCIL committed to facilitate training to the employees on parameters such as risk management, leadership development, SAP handholding, new/advanced technology and preventive maintenance.
• SPMCIL is the Miniratna Category-I CPSE Company of the Government of India.
• The main purpose of the company is minting of coins, printing of passport, travel documents, Bank Notes, non-judicial stamp papers as well as postal stationary.
• SPMCIL has four Mints, four Presses as well as one Paper Mill in order to meet the coins and currency notes requirements of RBI.
• SPMCIL also meets the requirements of the State Governments for Non-Judicial Stamp Papers, apart from fulfilling the requirements of Postal Departments for postal stationery and stamps.
• Ministry of External Affairs also meets its requirements of passports, visa stickers and other travel documents through SPMCIL.