National Sports Development Fund | 13 Mar 2020
Why in News
Security Printing & Minting Corporation of India Limited (SPMCIL) has contributed ₹1 crore to the National Sports Development Fund under the corporate social responsibility (CSR) initiatives.
The contribution has been made in line with the Target Olympic Podium Scheme (TOPS) for the top athletes of India, selected for the Tokyo Olympics, 2020 and beyond.
National Sports Development Fund
- It was established in 1998 under the Charitable Endowments Act, 1890.
- Purpose of its creation was to impart momentum and flexibility in assisting the cause of sports.
- The Fund helps sportspersons excel by providing them opportunities to train under coaches of international repute with technical, scientific and psychological support and giving them exposure to international competitions.
- It also provides financial assistance for the development of infrastructure and other activities for the promotion of sports.
- The Fund is managed by a Council constituted by the Central Government.
- Chairperson: Union Minister in charge of Youth Affairs and Sports.
- Members: Senior Officers of the Department of Sports, Chairman & Managing Directors of Private and Public Sector Companies/Corporations, representatives of Sports Promotion Boards, etc.
Security Printing & Minting Corporation of India Limited
- It is a wholly-owned Schedule ‘A’ Miniratna Category-I company of Government of India, incorporated on 13th January 2006.
- The Ministry of Finance exercises its administrative control over SPMCIL through Board of Directors.
- SPMCIL is engaged in the manufacture/ production of Currency and Bank Notes, Security Paper, Non-Judicial Stamp Papers, Postal Stamps & Stationery, Travel Documents viz. Passport and Visa, Security certificates, Cheques, Bonds, Warrant, Special Certificates with security features, Security Inks, Circulation & Commemorative Coins, Medallions, Refining of Gold & Silver, and Assay of Precious Metals.