Nirmala Sitharaman favors Electoral Bonds over cash-filled sacks, suitcases
Minting Corporation of India (SPMCIL) to find ways to transform itself. The corporation has kept itself relevant by coming out with commemorative coins which can be gifted as souvenirs - Nirmala Sitharaman, FM
New Delhi: Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to transform itself at a time when its core business of printing currencies is depleting because 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 coming out with commemorative coins which can be gifted as souvenirs. The commemorative stamps and coins produced by the organisation are 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.