India Post Philately Company
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. The proposal would soon be sent to the Cabinet.
Details:
- 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.
- 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.
Background:
India Post is eyeing a jump of Rs. 100 crore, or over 250%, 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.
