SPMCIL Records 29% Growth in Tax Stamp Revenue, Secures New Order

India’s government banknote printer, the Security Printing and Minting Corporation of India Ltd (SPMCIL) has reported a 29% growth in its tax stamp division.

According to SPMCIL’s annual report for 2023/24, it produced 6.12 billion stamps and supplied 6.09 billion of these to various state excise departments, including Orissa, Uttarakhand, and Madhya Pradesh. This represents a 29.12% increase in production compared to the 4.74 billion pieces produced the previous year.

SPMCIL manufactures currency, security paper, and security ink. It also mints commemorative and circulating coins and prints banknotes, non-judicial stamp papers, postage stamps, identity documents, and excise labels.

It has nine operating units across the country, including four mints (Mumbai, Kolkata, Hyderabad, and Noida), two currency presses (Currency Note Press in Nashik and Bank Note Press in Dewas), two security presses (India Security Press in Nashik and Security Printing Press in Hyderabad), and one security paper mill in Narmadapuram. Its security printing presses in Nashik and Hyderabad primarily print tax stamps.