Pakistan Security Printing Corporation
A Pakistani state-owned security printer responsible for producing currency-related and other high-security documents.
Last updated August 25, 2026
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Overview
Pakistan Security Printing Corporation (PSPC) is a Pakistani security-printing organization headquartered in Karachi. Established in 1949, it was created to print securities for the federal government, including Pakistani currency notes. Its work sits within the country’s monetary and document-security infrastructure, where controlled production, specialized substrates, anti-counterfeiting features, and secure handling are more important than consumer-facing branding. The corporation’s principal activities include the production of security notes and prize bonds. Over time, its broader institutional remit also included other protected documents and printed materials. PSPC operates in a highly specialized environment in which production is closely connected to the requirements of the State Bank of Pakistan and other public authorities. Its role is therefore primarily national and governmental rather than commercial or export-oriented. In 1995, PSPC entered into a joint venture with SICPA, a Swiss security-technology company, creating SICPA Pakistan and a Karachi production facility. The venture produces security inks used for banknotes of different denominations and for additional security documents, including passports, postage stamps, and stamp papers. This relationship expanded the security-printing ecosystem around PSPC beyond paper production and conventional printing into specialized authentication materials. In July 2017, the State Bank of Pakistan acquired PSPC from the Government of Pakistan. The reported transaction value was Rs. 100 billion, and the change placed the corporation more directly under the ownership of the country’s central bank. During the same year, Pakistan incorporated the National Security Printing Company to assume printing responsibilities for passports, national identity cards, and stamp papers. In August 2024, that company was merged into PSPC, bringing those functions back within the corporation’s organizational structure. PSPC is also associated with Security Papers Limited, a majority-owned company involved in the manufacture of banknote and other security papers. Security Papers Limited originated in 1965 as a joint venture among Pakistan, Iran, and Turkey, began commercial operations in 1969, and was listed on the Karachi Stock Exchange in 1967. Its paper-manufacturing capabilities form an important upstream component of Pakistan’s currency and document-security supply chain. In March 2025, Security Papers Limited awarded a Rs. 3.4 billion paper-machine upgrade project to Germany’s Giesecke+Devrient. The corporation’s positioning is that of a strategic national-security and monetary-infrastructure institution. Its products are not ordinary commercial print goods: they are controlled documents and materials whose integrity supports currency circulation, public administration, identity systems, and anti-counterfeiting efforts. Public information about individual executives, detailed production volumes, revenue, and current product specifications is limited.
History
Pakistan Security Printing Corporation was established in 1949 to print securities for Pakistan's federal government, including currency notes. Its creation provided the country with a domestic institutional base for producing materials that require strict control over design, paper, inks, printing, custody, and distribution. Unlike an ordinary commercial printer, PSPC's work is tied to monetary administration and public-sector document security. In 1965, Security Papers Limited was founded as a joint venture involving Pakistan, Iran, and Turkey to manufacture banknote and other security papers. The company was listed on the Karachi Stock Exchange in 1967 and began commercial production in 1969. It later became majority-owned by PSPC, linking the corporation with an important supplier of specialized paper used in the security-printing chain. A significant technological and organizational development occurred in 1995, when PSPC formed a joint venture with SICPA, a Swiss security-technology company. The resulting SICPA Pakistan operation established a production facility in Karachi and manufactured security inks. These inks were used in banknotes of all denominations and in other protected documents, including passports, postage stamps, and stamp papers. The venture broadened the ecosystem around PSPC from the printing of secure instruments to the production of authentication materials used in them. In July 2017, PSPC was acquired by the State Bank of Pakistan from the Government of Pakistan. The reported consideration was Rs. 100 billion. The acquisition placed the security printer under the direct ownership of Pakistan's central bank, strengthening its institutional connection with the country's currency-production and monetary infrastructure. Also in 2017, the National Security Printing Company was incorporated. It assumed responsibilities for printing passports, national identity cards, and stamp papers that had previously been handled by PSPC. This created a separate organizational vehicle for several categories of sensitive government documents. In August 2024, however, the National Security Printing Company was merged into PSPC, consolidating those functions again within the corporation. The wider PSPC group continued to develop its paper-production capabilities. In March 2025, Security Papers Limited awarded a Rs. 3.4 billion paper-machine modernization project to Giesecke+Devrient, a German company known for security and currency technologies. The project indicates continued investment in the specialized manufacturing capacity supporting Pakistan's banknote and security-document supply chain. Today, PSPC is best understood as a state-linked national infrastructure organization rather than a conventional consumer brand. Its known activities center on security notes, prize bonds, banknote-related materials, and secure public documents. Publicly available information does not provide a complete account of current management, production capacity, financial performance, or the exact division of responsibilities among PSPC, SICPA Pakistan, Security Papers Limited, and other government entities. Those areas require further verification from official corporate and State Bank sources.
- 2025
Security Papers Limited orders paper-machine upgrade
[1]Security Papers Limited awards a Rs. 3.4 billion upgrade project to Giesecke+Devrient.
- 2024
National Security Printing Company merges into PSPC
[1]The National Security Printing Company is merged into PSPC in August.
- 2017
Ownership transfers to the State Bank of Pakistan
[1]The State Bank of Pakistan acquires PSPC from the Government of Pakistan in July.
- 2017
National Security Printing Company is incorporated
[1]A separate company takes over printing responsibilities for passports, national identity cards, and stamp papers.
- 1995
PSPC forms SICPA Pakistan joint venture
[1]PSPC partners with SICPA to establish SICPA Pakistan and produce security inks in Karachi.
- 1969
Security Papers Limited begins commercial operations
[1]The associated security-paper manufacturer commences commercial production.
- 1967
Security Papers Limited is listed
[1]Security Papers Limited is listed on the Karachi Stock Exchange.
- 1965
Security Papers Limited is founded
[1]Security Papers Limited is formed as a joint venture among Pakistan, Iran, and Turkey to manufacture banknote and security papers.
- 1949
Pakistan Security Printing Corporation is established
[1]PSPC is established to print securities, including currency notes, for Pakistan's federal government.
Products and positioning
A strategic state security printer serving Pakistan's currency, public-document, and anti-counterfeiting infrastructure.
Currency and monetary securities · 1949
Security notes and banknotes
PSPC was established to print securities for the federal government, including currency notes. Its banknote-related work involves secure production processes and materials intended to resist counterfeiting and maintain confidence in Pakistan's monetary system. Public sources do not specify the complete set of denominations or current production responsibilities.
Government securities
Prize bonds
Prize bonds are among PSPC's identified outputs. They are government-issued financial instruments that require controlled printing and anti-counterfeiting measures. The available reference material does not provide a full product catalogue or detailed technical specifications.
Anti-counterfeiting materials · 1995
Security inks
Through SICPA Pakistan, a joint venture formed in 1995, security inks are produced in Karachi for banknotes of all denominations and for other protected documents. The cited applications include passports, postage stamps, and stamp papers.
Specialized paper · 1969
Security papers
Security Papers Limited, a majority-owned PSPC company, manufactures banknote and other security papers. Its role provides specialized paper inputs for currency and document production. In 2025, the company commissioned a major paper-machine upgrade project.
Secure government documents
Passports, identity cards, and stamp papers
PSPC has been associated with the printing of passports, national identity cards, and stamp papers. These responsibilities were transferred to the National Security Printing Company in 2017 and returned to PSPC following that company's merger into PSPC in 2024.
Brand decisions
2024
Merger of National Security Printing Company into PSPCM&ABackground
The organizational separation created in 2017 was subsequently reversed.
Action taken
National Security Printing Company was merged into PSPC in August 2024.
Aftermath
Passport, identity-card, and stamp-paper printing functions were brought back within PSPC's structure.
2017
Transfer of PSPC ownership to the State Bank of PakistanM&ABackground
PSPC had been owned by the Government of Pakistan and operated in a sector closely connected to currency production.
Action taken
The State Bank of Pakistan acquired PSPC from the Government of Pakistan in July 2017.
Aftermath
PSPC became a subsidiary of the central bank, bringing the security printer into a more direct monetary-institutional ownership structure.
Reported acquisition value. Rs. 100 billion (July 2017)
2017
Creation of National Security Printing CompanyStrategyBackground
The government reorganized responsibility for several sensitive document-printing functions.
Action taken
National Security Printing Company was incorporated and took over printing of passports, national identity cards, and stamp papers from PSPC.
Aftermath
These activities operated through a separate entity until its later merger back into PSPC.
1995
Formation of SICPA PakistanM&ABackground
PSPC sought to expand its security-technology capabilities beyond conventional document printing.
Action taken
It formed a joint venture with SICPA and established a Karachi facility producing security inks.
Aftermath
The venture supplied inks for banknotes and other security documents, including passports, postage stamps, and stamp papers.
Sources1 sources
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