Production Up at SPMCIL

Security Printing & Minting Corporation of India Ltd (SPMCIL) recently released its 2023/24 Annual Report, registering a rise in production, but a small drop (4%) to Rs 47.14 billion (US$555 million). Costs were up 7.7% to Rs 36.95 billion.

During the year, SPMCIL, which is owned by the Ministry of Finance, produced 9.7 billion banknotes, up by just over 8% compared with the previous year. Its facilities include two banknote printworks – Currency Note Press (CNP) in Nashik and Bank Note Press (BNP) in Dewas, an ink factory (also in Dewas), the Security Paper Mill (SPM) in Narmadapuram, and four mints (Mumbai, Kolkata, Hyderabad, and Noida). Currently, it produces approximately 40% of India’s banknotes (the rest is produced by Bharatiya Reserve Bank Note Mudran Pvt Ltd, BRBNMPL, owned by the Reserve Bank of India).