SPMCIL delivered 3.4 tn refined gold to RBI in FY25, says FM Sitharaman

Business Standard

3 days ago

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.