logo
FM Sitharaman hails SPMCIL, hopes it to get status of Navratna soon

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.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Varanasi set to get its first urban township near int'l cricket stadium
Varanasi set to get its first urban township near int'l cricket stadium

Time of India

time25 minutes ago

  • Time of India

Varanasi set to get its first urban township near int'l cricket stadium

1 2 Varanasi: The first planned urban township project for Varanasi will be developed over 150 acres in the vicinity of the international cricket stadium at Ganjari. Varanasi Development Authority approved the project at its 133rd board meeting, on Monday evening. Authority's secretary Ved Prakash Mishra tabled the compliance report of decisions taken in previous meetings, progress report for financial year 2024-25 and new proposals in the presence of divisional commissioner and VDA chairman S Rajalingam, vice chairman Pulkit Garg, district magistrate Satyendra Kumar and board members. No other major township projects were tabled in this board meeting. On Sep 23, 2023, Prime Minister Narendra Modi laid foundation of the international cricket stadium at Ganjari in a star-studded show. The stadium is being built on 30.66 acres at a cost of Rs 451 crore. The under-construction cricket stadium will have a seating capacity of 30,000 spectators. The stadium project will be completed by the end of the year and is likely to open with an international cricket match in the VDA board meeting, a new record room with capacity of approximately 80,000 files, built at a cost of Rs 36 lakh, was inaugurated. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Tìm hiểu thêm Undo With this expansion, total record storage capacity reached 2,55,266 files. Files up to year 2005 were scanned and preserved digitally. Files post-2005 will be barcoded/scanned and stored securely in the new record room equipped with modern facilities. The board also inaugurated VDA's Citizen app and complaint management system portal, a simple and user-friendly mobile platform that allows citizens to register their complaints with just a few taps—anytime, anywhere. During the board meeting, approvals were granted for proposal to construct a main access road between Transport Nagar Scheme and National Highway-2 (NH-2). RITES Ltd was contracted as expert agency for DPR, design, drawing, project management and construction supervision and third-party quality surveillance consultant for implementation of VDA's construction projects. Additionally, amendments to the Building Construction and Development Bylaws-2008 (as amended) were approved in relation to implementing reforms described in the guidelines of govt of India's scheme for special assistance to state for capital investment 2024-25.

Jorhat-Jhanji 4-lane highway achieves 97% progress: DC Shivani
Jorhat-Jhanji 4-lane highway achieves 97% progress: DC Shivani

Time of India

timean hour ago

  • Time of India

Jorhat-Jhanji 4-lane highway achieves 97% progress: DC Shivani

Dibrugarh: The long-awaited four-lane NH-37 stretch between Jorhat and Jhanji is finally approaching completion, with Jorhat DC Jay Shivani announcing that the project has achieved 97% physical progress during a comprehensive inspection on Tuesday. Tired of too many ads? go ad free now The DC, accompanied by officials from the National Highways and Infrastructure Development Corporation Limited (NHIDCL), conducted a thorough review of the construction work that has been ongoing for nearly a decade. The inspection comes as the project enters its final phase, bringing hope to commuters who have endured years of construction delays and traffic disruptions. "The project is on the last stage of construction and has achieved a physical progress of 97%," said DC Jay Shivani during the inspection. However, he emphasised the need for acceleration in critical areas, directing NHIDCL officials to expedite work on two crucial components — the Bhogdoi river bridge and the Jhanji river bridge. The ambitious infrastructure project spans 37.8 km, with 36.8 km falling within Jorhat district and one km extending into neighbouring Sivasagar district. The massive undertaking represents a total investment of Rs 738.15 crore and includes the construction of a modern toll plaza to manage traffic flow and revenue collection. The construction work has been divided among three contractors across four different packages. M/s Sadguru Engineers holds responsibility for constructing 10 km of the highway alongside the toll plaza infrastructure. M/s Binni Construction is managing a 14-km stretch, while M/s MP Agarwala is handling the remaining 13.8 km of the project. The highway project has faced significant challenges since its inception, with multiple cost and time overruns plaguing the construction timeline. Tired of too many ads? go ad free now Union road transport and highways minister Nitin Gadkari had laid the foundation stone for the Jorhat-Jhanji four-lane section on Feb 27, 2016, marking the beginning of what was expected to be a transformative infrastructure development for the region. However, nine years have passed since construction began, far exceeding the original timeline and highlighting the complex nature of large-scale highway projects in the region. The delays have been attributed to various factors, including land acquisition, weather disruptions, logistical challenges and contractor-related hurdles, common to infrastructure projects in Assam. The completion of the highway stretch is expected to significantly improve connectivity in the upper Assam region, facilitating smoother transportation of goods and passengers, while reducing travel time. The four-lane configuration will accommodate increased traffic volume and enhance road safety standards along the crucial corridor.

Fresh FIR against Nikant Jain for Rs 4 crore bank fraud
Fresh FIR against Nikant Jain for Rs 4 crore bank fraud

Time of India

timean hour ago

  • Time of India

Fresh FIR against Nikant Jain for Rs 4 crore bank fraud

1 2 3 Lucknow: Hazratganj police on Tuesday lodged a fresh FIR against Nikant Jain, the alleged kingpin in the Rs 8,000-crore solar commission scam. This is the sixth FIR against Jain, who is currently lodged in Lucknow district jail. Three FIRs were lodged starting March 20 from his arrest in Gomtinagar, then in Wazirgaj on May 26, and then in Hazratganj on June 10. The other FIRs are one each in Meerut, Etah, and one more in Wazirganj lodged in 2019. This new case is linked to a massive financial fraud involving forged property valuations and criminal conspiracy to defraud Indian Bank of Rs 4 crore in 2017–2018. The new FIR was registered on the complaint of Ashish Jindal, branch manager of Indian Bank's Stressed Asset Management Branch, Lucknow. As per the FIR, Jain, along with his co-accused — Sukant Jain and Vaishali Jain —fraudulently obtained a loan of Rs 4 crore in the name of their registered company, M/s SSJ Agrotech Pvt Ltd. The loan was taken against two properties mortgaged by the company. However, later, the company sought permission from the bank to substitute the first property with a third property. This substitution was approved by the bank. Things took a turn in 2018 when the account turned into a Non-Performing Asset (NPA). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like SNS에서 화제인 그 팔찌, 예쁜데 의미까지... 굿네이버스 더 알아보기 Undo During SARFAESI proceedings, a fresh valuation of the substituted property revealed that its actual market value was significantly lower than earlier presented. The inquiry, led by an internal committee, concluded that M/s SSJ Agrotech grossly inflated the value of the mortgaged properties. The bank declared the account as "fraud" and blacklisted the valuers involved. It initially approached the CBI for action but instead served a final notice to the company on Oct 21, 2024. Later, the bank approached the Economic Offences Wing (EOW), Lucknow, with a formal request to register an FIR, said ACP, Hazratganj, Vikas Kumar Jaiswal.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store