Finance Minister Releases 'Procurement Manual' of SPMCIL

Posted on    24 May 2011


Finance Minister Releases “Procurement Manual” of SPMCIL

Says Introduction of Security Features in all Denominations of Indian Bank Notes is underway to Check the Menace of Counterfeiting of Currency


Union Finance Minister, Shri Pranab Mukherjee has said that the counterfeiting of our currency is a matter of great concern for the Government. The Finance Minister said that with a view to check this menace of fake currency, an exercise for introduction of security features in all denominations of Indian Bank Notes is under way. This is being piloted by Directorate of Currency, Ministry of Finance, the Minister added. Shri Mukherjee urged all concerned to have this task completed at the earliest in a given time frame. The Finance Minister said that the present bank notes with the new Rupee symbol approved by the Unicode Standard Authority for ISO 4217 will be in circulation shortly. He also informed that new coins with Rupee symbol and better designs and shine will be released during July, 2011. The Finance Minister said that to tackle the problem of counterfeiting, Security Printing and Minting Corporation of India Limited (SPMCIL) has already taken steps to produce indigenous raw material for the production of bank notes.Shri Mukherjee said that this will lead to production of about 80-85% of the bank note paper in the country in the next three years as against import of about 95% paper at present. Shri Mukherjee said that fully computerized ERP/SAP system is being installed by the SPMCIL to bring in economy, efficiency and transparency.

Union Finance Minister Shri Pranab Mukherjee was speaking at a function here after releasing the new Procurement Manual of Security Printing and Minting Corporation of India Limited (SPMCIL). He said that it was one of the recommendations of the Banerjee Committee that looked at the issues of improving the functioning of the corporation and BRBNMPL (a subsidiary of RBI), which submitted its report in March 2010. The Finance Minister said that this Manual will definitely bring in more transparency and act as guide to all concerned including the trade and industry associated with the supply of material and machinery to the company. He also said that other organisations may also derive benefit from this document. 

Union Finance Minister, Shri Pranab Mukherjee said that keeping in mind the rigors of public procurement, SPMCIL has come up with revamped and very comprehensive Procurement Manual. He said that this Manual has not only extensively covered the issues of transparency, economy and propriety but also dealt with relevant concerns of indigenization, vendor development, disposal of security items and PQB criteria for purchase of security machinery and raw-material etc. Shri Mukherjee said that the procurement manual has provisions for tackling cartels, bid rigging etc. as per the guidelines of Competition Commission of India. 

The Union Finance Minister Shri Mukherjee congratulated the SPMCIL for having won global tender for printing of 400 million pieces of Nepalese Currency during the last two years. The Minister said that the company has also introduced new products like e-passport, Rs.5/- & Rs.10/- coins, warehousing receipts, university degrees, tickets for commonwealth games and for ASI, medals and medallions for Coal India, Indian Railways, Ministry of Overseas Indian Affairs and Commonwealth Games(CWG). Shri Mukherjee said that he was happy to note that turnover of company has increased by about 150% to Rs.3396 crore in 2010-11 in five years and created reserves of Rs.2000/- crore despite maintaining prices of major currency and coinage products nearly same for the last three-four years. He said that it is informed that the company has investment plan of about Rs.2500 crore for modernization of the units and setting of up of new Joint Venture Paper Mill. With the above investments, SPMCIL will be able to compete globally, the Minister added. 

The function was also attended by Shri Namo Narain Meena, Minister of State for Finance, Shri Bimal Julka, Director General (Currency), Ministry of Finance and Shri M.S. Rana, Chairman cum Managing Director, SPMCIL along with Members of Board of Directors, all officers and staff of SPMCIL and Officers of IRILM involved in bringing out this unique procurement manual, among others 

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