Rs 70 coin: Govt to mark Pakistan-China relations

Aftab Ahmed

Islamabad: Pakistan has decided to issue a coin of Rs 70 to mark the 70th anniversary of Pakistan-China diplomatic relations.

The Cabinet has taken a decision to issue 100,000 coins of Rs 70 to mark the diplomatic ties between the two countries.

Finance Division briefed the Cabinet the Pakistan Mint, Lahore had informed the People’s Bank of China is In the process of issuing two commemorative coins, i.e. one gold and one silver coin, to mark the 70th anniversary of the establishment of Pakistan-China diplomatic relations on May 21, 2021.

The Ministry of Foreign Affairs had also requested Finance Division to seek expeditious approval for the issuance of a commemorative coin.

Pakistan Mint had earlier minted three commemorative coins regarding Pak-China relations in the years 2009, 2011, and 2015.

After consultation with relevant stakeholder’s l.e., the M/o Foreign Affairs and State Bank of Pakistan, Pakistan Mint had prepared a design for issuance of Rs. 70/-commemorative coin to mark the 70th anniversary of the establishment of Pakistan-China diplomatic relations.

Under Section 6 of the Pakistan Coinage Act, 1906, it was the authority of the Federal Government to issue coins of such denominations, dimensions, and designs, and of such metal or mixed metal of such composition as the Federal Government may, by notification in the official gazette, determine.

All types of commemorative coins were legal tenders and the government of Pakistan bears their manufacturing cost. The government of Pakistan also owns these commemorative coins and delivered them for circulation through the State Bank of Pakistan.

Given the above, the Finance Division proposed to issue commemorative coin of Rs. 70/- to mark the 70th anniversary of the establishment of Pakistan-China diplomatic relations in May 2021.

Moreover, approval may be accorded to mint one hundred thousand (100,000) pieces of coins.

The Cabinet considered the summary titled ‘Issuance of Commemorative Coin to Mark the 70th Anniversary of Establishment of Pakistan-China Diplomatic Relations’ dated 29th April 2021, submitted by the Finance Division, and approved the proposal.