The Department of Post is
planning to set up an independent company for its philately business with an
aim to boost revenues from the sale of collectible stamps.
India Post Philately
Company is proposed as a public limited company, fully owned by the government,
with an authorized capital of Rs. 100 crore.
“The proposed company will
be a service-based one, which will not only sell its products to existing
customers —collectors and philatelists — but will also try to attract new ones.
It will focus on promotion of philately, mainly among the younger generation,”
a senior official told.
The proposal would soon be
sent to the Cabinet.
Philately in Text Books
As part of the strategy to
spread the interest in philately among the younger generation, S.K. Sinha,
Secretary, Posts, wrote to the Department of School Education and Literacy
under the Ministry of Human Resources Development last month, seeking that a chapter
on philately be included in the textbooks for Class V, VI, or VII.
India Post is eyeing a
jump of Rs. 100 crore, or over 250 per cent, in turnover from the philately
segment to Rs. 141 crore in the current fiscal.
The earnings from this
segment stood at Rs. 39.88 crore during 2015-16 and Rs. 32.85 crore during
2014-15.
This does not include
revenues from the sale of stamps meant for daily use.
As per the proposal, the
new firm will have a corporate office and four zonal offices. The board of
directors will have seven officials. While the Secretary, Department of Posts,
will be the non-executive chairman, India Post officials of the rank of Joint
Secretary will be appointed as chairman and managing director on deputation.
The board will have three persons from the department and four outsiders.
The Department of Company
Affairs will also be represented on the board. Inter-ministerial consultations
will be held with the Departments of Expenditure and Legal and Company Affairs,
and their views would be incorporated in the Cabinet note.
In the six months from
January to June this year, the Department has issued 14 commemorative stamps.
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