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.
Post Philately Company is proposed as a public limited company, fully owned by
the government, with an authorised capital of Rs. 100 crore.
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.
proposal would soon be sent to the Cabinet.
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.
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.
earnings from this segment stood at Rs. 39.88 crore during 2015-16 and Rs.
32.85 crore during 2014-15.
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.
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.
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.
the six months from January to June this year, the Department has issued 14