Latest news with #SPMCIL
&w=3840&q=100)
Business Standard
12-06-2025
- Business
- Business Standard
Gold price climbs ₹10 to ₹98,410; silver falls ₹100, trades at ₹1,08,900
Gold Price Today: The price of 24-carat gold rose ₹10 in early trade on Thursday, with ten grams of the precious metal trading at ₹98,410 according to the GoodReturns website. The price of silver fell ₹100, with one kilogram of the precious metal selling at ₹1,08,900. The price of 22-carat gold also fell ₹10, with ten grams of the yellow metal selling at ₹90,210. The price of ten grams of 24-carat gold in Mumbai, Kolkata, and Chennai stood at ₹98,410. In Delhi, the price of ten grams of 24-carat gold stood at ₹98,560. ALSO READ: SPMCIL delivers 3.4 metric tonnes of refined gold to RBI in FY25: FM In Mumbai, the price of ten grams of 22-carat gold is in line with that of Kolkata, Bengaluru, Chennai, and Hyderabad at ₹90,210. In Delhi, the price of ten grams of 22-carat gold stood at ₹90,360. The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹1,08,900. The price of one kilogram of silver in Chennai stood at ₹ 1,18,900 US gold prices rose on Thursday, as rising Middle East tensions boosted demand for safe-haven assets, while softer-than-expected US inflation data raised expectations of potential interest rate cuts by the Federal Reserve. Spot gold was up 0.3 per cent at $3,364.10 an ounce, as of 0017 GMT. US gold futures gained 1.2 per cent to $3, spot silver was up 0.3 per cent at $36.32 per ounce, platinum rose 0.8 per cent to $1,265.32, still hovering near more than 4-year high, while palladium was down 1 per cent at $1,069.65. (with inputs from Reuters)
Hans India
10-06-2025
- Business
- Hans India
SPMCIL key in strengthening India's economic, security printing framework: FM Sitharaman
Finance Minister Nirmala Sitharaman, while inaugurating the Security Printing and Minting Corporation of India Limited's (SPMCIL) new corporate office here, has said that the corporation's role is pivotal in strengthening India's economic and security printing framework, and its commitment to innovation, self-reliance, and sustainability is commendable. In her keynote address, the Finance Minister emphasised that the new facility would result in substantial cost savings on lease rentals while also improving administrative efficiency, internal coordination, and employee engagement. Commending the corporation's issuance of 210 commemorative coins to date, including 105 in the last decade, and underscored that its souvenir coins have come to represent Brand India, while serving as prestigious and meaningful gifts that reflect the nation's rich cultural heritage, Sitharaman highlighted that SPMCIL's products, including currency notes, coins, passport paper, postal items, etc. that are integral to the functioning of the nation. The minister particularly appreciated the souvenir coins themed on the Panchatantra, noting the positive public reception and cultural significance of the collection and also acknowledged SPMCIL's key role in producing national medals and medallions, including the Bharat Ratna, which represent the highest civilian honours. She also acknowledged SPMCIL's capabilities in gold and silver refining and its strong financial performance, including entire loan repayments in FY 2016-17 itself, and encouraged SPMCIL to further strengthen its supply chain management. Union Minister of State for Finance, Pankaj Chaudhary, expressed pride in the corporation's significant achievements and lauded SPMCIL's pivotal role in strengthening India's economic and security printing framework while commending its commitment to innovation, self-reliance, and sustainability. Highlighting SPMCIL's strong financial performance, Chaudhary underscored its contribution as a model public sector enterprise, including, self-reliance through the indigenous development of banknote ink, passport paper, and other critical security materials. He also congratulated the SPMCIL board, management, and employees for their efforts, and encouraged the corporation to continue its pursuit of excellence and aspire for Navratna status, reaffirming the support of Ministry of Finance in this journey. SPMCIL Chairman and Managing Director, Vijay Ranjan Singh, said the new office marks a significant milestone in SPMCIL's growth journey and reflects its commitment to efficiency, innovation, and nation-building.
&w=3840&q=100)
Business Standard
09-06-2025
- Business
- Business Standard
SPMCIL delivered 3.4 tn refined gold to RBI in FY25, says FM Sitharaman
The Security Printing and Minting Corporation of India Ltd (SPMCIL) delivered 3.4 metric tonnes of refined gold to the Reserve Bank of India (RBI) in FY 2024–25, Finance Minister Nirmala Sitharaman said on Monday. The gold was refined from seizures transferred by the Customs department. 'You purified it, and post-purification you sent it to the RBI, and that alone for one financial year 24–25 — 3.4 metric tonnes,' she said, speaking at the inauguration of SPMCIL's new corporate office. Sitharaman added that SPMCIL also refines silver and gold received from institutions such as the Tirumala Tirupati Devasthanams and the Vaishno Devi Shrine Board. She noted that SPMCIL has significantly advanced in precious metal refining, especially after the 2021 Budget. Earlier, all confiscated and smuggled gold used to be handed over to the State Bank of India, which would auction it back into the market. To discourage this, a conscious decision was made—guided by the Prime Minister—that instead of auctioning, the gold should be purified and added to the RBI's gold reserves. The Minister said that once legal processes are completed in each case of smuggled gold, SPMCIL ensures its purification to meet the quality standards required by the RBI. The RBI holds this gold as bullion, which must conform to global standards. Since international prices are based on Troy ounces, the purity of each ounce must match global benchmarks. Even as India pushes for digital payments and fintech adoption, Sitharaman underlined that currency notes and coins remain relevant. 'Although we talk about Digital India, payments, fintech and so on, there are still currencies required for circulation. It doesn't have to be as much as before but it is still there,' she said. Sitharaman informed that in the last financial year ending March 31, 2025, SPMCIL produced 1,200 crore banknotes and 150 crore circulation coins. 'Then you've also done 1.5 crore passport booklets, all in one year. 700 crore excise adhesive labels, and various categories of postal and security-related stationery, which is essential for government and public services,' she added. She also hinted at a potential upgrade of the public sector unit. 'So proof that you are actually moving in the right, professionally run organisation scheme of things. No wonder the MoS (Finance) commented that it might be just the right thing for us to see if you're going to move to be Navratna... So I'm just saying that again only to make sure that all of you say yes to the idea which makes you perform to make yourself Navratna,' she said. Following its capital restructuring in 2015, SPMCIL fully repaid its loan with interest by 2016–17, the Minister stated. In FY 2023–24, the company paid a dividend of ₹364 crore, following a record ₹534 crore dividend the previous year. 'It is heartening to note SPMCIL's consistent and reliable financial performance,' Sitharaman said. The Minister also praised the popularity of souvenir coins issued by SPMCIL. 'I am equally impressed with the popularity of all the souvenir coins that you produce. They are very important in promoting the rich cultural heritage, history and art,' she said. 'In free India's recorded history, a total of 210 commemorative coins have been issued, out of which 105 have been issued in the last decade,' she added. These include coins celebrating events such as the 2,900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan, the 550th Prakash Purab of Guru Nanak Dev, the new Parliament Complex, 1,000 years of the Brihadeeswarar Temple, and India's G20 Presidency. Over 20,000 coins have been purchased by the public from the new series of colour souvenir coins themed around the Panchatantra, endangered species, and the Shri Ram Janmabhoomi Temple in Ayodhya, according to Sitharaman.
&w=3840&q=100)
Business Standard
09-06-2025
- Business
- Business Standard
FM Sitharaman hails SPMCIL, hopes it to get status of Navratna soon
Finance Minister Nirmala Sitharaman on Monday lauded the performance of the Security Printing and Minting Corporation of India Limited (SPMCIL) and expressed confidence that it will soon become a Navratna state-owned company. Currently, SPMCIL, under the administrative control of the Department of Economic Affairs of the Finance Ministry, is a Schedule 'A' Miniratna Category-I company of the Government of India. The government grants Maharatna, Navratna and Miniratna status to Central Public Sector Enterprises (CPSEs) based on certain pre-defined criteria, including financial parameters such as track record of profit and net worth. Inaugurating the Corporate Office of SPMCIL, Sitharaman appreciated the works being done by the CPSE, which include printing of currency notes, minting of coins for circulation and commemorative coins. She hoped SPMCIL would also achieve Navratna status, given its consistent financial performance. Following its capital restructuring in 2015, the company fully repaid its loan with interest by 2016-17 and continues to deliver strong returns, Sitharaman said. In fiscal 2023-24, it paid a dividend of Rs 364 crore, following a record dividend of Rs 534 crore the year before. In her speech, the finance minister noted that the CPSE delivered about 3.4 metric tonnes of refined gold to the Reserve Bank of India from seizures transferred by the Customs department. It also refined silver and gold received from institutions such as Tirumala Tirupati Devasthanams and Vaishno Devi Shrine Board, among others. During 2024-25, the state-owned firm produced over 1,200 crore banknotes and 150 crore circulation coins as well as over 1.5 crore passport booklets and over 700 crore Excise Adhesive Labels, and various categories of postal and security-related stationery essential for government and public services. "I am equally impressed with the popularity of SPMCIL's souvenir coins, which play a significant role in promoting India's rich cultural heritage, history and art," she said. Sitharaman noted that in free India's recorded history, a total of 210 commemorative coins have been issued out of which 105 have been issued in the last decade, including coins celebrating events such the 2900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan, the 550th Prakash Purab of Guru Nanak Dev, the new Parliament Complex, the 1000 years of Brihadeeswarar Temple, and India's G20 Presidency. Over 20,000 coins have been purchased by the public for the new series of colour souvenir coins, which have been themed around Panchatantra, endangered species, and the Shri Ram Janmabhoomi Temple in Ayodhya. Speaking during the occasion, Minister of State for Finance Pankaj Chaudhary said the government would provide all support to the CPSEs to improve their efficiency and profitability.
&w=3840&q=100)
Business Standard
09-06-2025
- Business
- Business Standard
SPMCIL delivers 3.4 metric tonnes of refined gold to RBI in FY25: FM
The Security Printing and Minting Corporation of India Ltd (SPMCIL) delivered 3.4 metric tonnes of refined gold to the Reserve Bank of India (RBI) in FY 2024–25, Finance Minister Nirmala Sitharaman said on Monday. The gold was refined from seizures transferred by the Customs department. 'You purified it, and post-purification you sent it to the RBI, and that alone for one financial year 24–25 — 3.4 metric tonnes,' she said, speaking at the inauguration of SPMCIL's new corporate office. Sitharaman added that SPMCIL also refines silver and gold received from institutions such as the Tirumala Tirupati Devasthanams and the Vaishno Devi Shrine Board. She noted that SPMCIL has significantly advanced in precious metal refining, especially after the 2021 Budget. Earlier, all confiscated and smuggled gold used to be handed over to the State Bank of India, which would auction it back into the market. To discourage this, a conscious decision was made—guided by the Prime Minister—that instead of auctioning, the gold should be purified and added to the RBI's gold reserves. The Minister said that once legal processes are completed in each case of smuggled gold, SPMCIL ensures its purification to meet the quality standards required by the RBI. The RBI holds this gold as bullion, which must conform to global standards. Since international prices are based on Troy ounces, the purity of each ounce must match global benchmarks. Even as India pushes for digital payments and fintech adoption, Sitharaman underlined that currency notes and coins remain relevant. 'Although we talk about Digital India, payments, fintech and so on, there are still currencies required for circulation. It doesn't have to be as much as before but it is still there,' she said. Sitharaman informed that in the last financial year ending March 31, 2025, SPMCIL produced 1,200 crore banknotes and 150 crore circulation coins. 'Then you've also done 1.5 crore passport booklets, all in one year. 700 crore excise adhesive labels, and various categories of postal and security-related stationery, which is essential for government and public services,' she added. She also hinted at a potential upgrade of the public sector unit. 'So proof that you are actually moving in the right, professionally run organisation scheme of things. No wonder the MoS (Finance) commented that it might be just the right thing for us to see if you're going to move to be Navratna... So I'm just saying that again only to make sure that all of you say yes to the idea which makes you perform to make yourself Navratna,' she said. Following its capital restructuring in 2015, SPMCIL fully repaid its loan with interest by 2016–17, the Minister stated. In FY 2023–24, the company paid a dividend of ₹364 crore, following a record ₹534 crore dividend the previous year. 'It is heartening to note SPMCIL's consistent and reliable financial performance,' Sitharaman said. The Minister also praised the popularity of souvenir coins issued by SPMCIL. 'I am equally impressed with the popularity of all the souvenir coins that you produce. They are very important in promoting the rich cultural heritage, history and art,' she said. 'In free India's recorded history, a total of 210 commemorative coins have been issued, out of which 105 have been issued in the last decade,' she added. These include coins celebrating events such as the 2,900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan, the 550th Prakash Purab of Guru Nanak Dev, the new Parliament Complex, 1,000 years of the Brihadeeswarar Temple, and India's G20 Presidency. Over 20,000 coins have been purchased by the public from the new series of colour souvenir coins themed around the Panchatantra, endangered species, and the Shri Ram Janmabhoomi Temple in Ayodhya, according to Sitharaman.
