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The Wire
4 days ago
- Business
- The Wire
Asked to Investigate UPA Govt's Use of 'Fake Notes' That Never Were: Ex-Finance Secretary Subhash Garg
New Delhi: About a year ahead of the 2019 Lok Sabha elections, Narendra Modi-led Bharatiya Janata Party (BJP) government then eying a second term, asked then union finance secretary, Subhash Chandra Garg, to investigate fake currency notes that had been allegedly used by the previous Congress-led United Progressive Alliance government to use for political funding. While Garg informed the Prime Minister's Office that he did not find anything suspicious after undertaking the exercise for a couple of months, the PMO was still not satisfied and appointed an expert committee headed by an external professional. In his new book No, Minister: Navigating Power, Politics and Bureaucracy with a Steely Resolve, Garg writes that while he communicated that 'under no circumstances' would he 'find it acceptable that an outside professional be allowed to go into the highly sensitive and confidential currency printing presses.' Despite his misgivings, an expert committee headed by former chairman to the PM's Economic Advisory Council Bibek Debroy was formed, close to the 2019 Lok Sabha elections. Garg who took voluntary retirement in 2019 writes in his book that in April-May 2018 he received a confidential demi-official (DO)-from then principal secretary to the prime minister, Nripendra Misra, to audit 'all the paper purchased and used for printing currency notes over the last ten years.' 'There was no explicit purpose mentioned for undertaking this massive exercise. When I spoke to him to find out, he was not very forthcoming. It appeared that there was some suspicion in the mind of the PMO that the previous government had used the currency note printing presses to print notes over and above what were officially accounted for to use the same for political funding,' writes Garg in the book. Garg writes that since it was an order 'and indeed a sensitive matter' he undertook a detailed audit, which he described as a 'Herculean exercise' that took a couple of months. 'In consultation with government's note printing company, the Security Printing and Minting Corporation of India Ltd (SPMCIL), I designed a broad worksheet to capture all the currency printing paper purchased over the past 10 years in square metres, all the currency notes printed during this period, the paper consumption which these printed notes accounted for by taking their dimensions into consideration and all the resultant and accounted for wastages,' he writes. 'I gathered the international norms of wastages to benchmark wastages accounted for by note printing presses. It was a Herculean exercise and took a couple of months.' Garg said that at the end of the exercise which was undertaken by the SPMCIL officers, it was found that there was slightly higher wastage which was 'not alarming' than international norms and that he found nothing suspicious. 'There was slightly higher wastage (though nothing alarming) than the international norms, but it was quite close to the Indian experience and the long-term trend. I went through all these calculations and got the SPMCIL management to send the report along with all the details officially concluding that there was no unexplained wastage. I thereafter forwarded it to the PMO with my covering note that I did not find anything particularly suspicious in the printing of notes over that period of 10 years,' he writes. According to Garg, the PMO was not satisfied and he was sent another DO from Misra in which he was informed that an expert committee headed by an external professional would be formed. Garg said that he found it unacceptable that an outside professional would be 'allowed to go into the highly sensitive and confidential currency printing presses.' 'I found it uncalled for and decided to meet him to persuade him not to embark on that wild goose chase. He was insistent. I said that the government might appoint an expert committee but under no circumstances would I find it acceptable that an outside professional be allowed to go into the highly sensitive and confidential currency printing presses,' Garg writes in the book. 'He agreed to this. The PMO decided to appoint Bibek Debroy as head of the committee, a decision that was taken just prior to the Lok Sabha elections of 2019,' he writes. Bibek Debroy. Photo: PTI/Files Debroy had been the chairman of the PM's Economic Advisory Council since 2017. Garg writes that the Debroy committee however did not start work till his voluntary retirement in July 2019. 'Nothing has been placed by the government in public domain about the work done and conclusions reached by the Debroy Committee,' he writes. In July 2019, Garg who was moved to the power ministry applied for voluntary retirement, preferring to resign over a year before his scheduled 'superannuation' date. Although Garg's new position in the power ministry came with the same salary and perks, it was widely seen as a demotion. The decision to shift Garg to the power ministry was seen as being abrupt, primarily because the finance ministry bureaucrat was closely and personally involved with several government initiatives including ,
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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.
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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.
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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.
