DEPARTMENT OF POST IS PLANNING TO SET UP AN INDEPENDENT COMPANY FOR ITS PHILATELY BUSINESS
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 authorised 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 Hindu.
The proposal would soon be sent to the Cabinet.
Philately in textooks
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.