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ISLAMABAD: The Finance Division has introduced a commemorative coins policy to create a structured process for issuing special coins. Previously, the lack of a defined methodology led to ad-hoc decisions regarding commemorative coin issuance.
The new policy addresses key gaps, including selecting events and personalities to honor, determining the number of coins issued annually, and establishing a clear distribution mechanism. It also provides guidelines for handling unsold stock.
Commemorative coins celebrate significant historical events, influential figures, and national achievements. In Pakistan, these coins have been issued to mark birth anniversaries, diplomatic ties, and historic milestones. The policy ensures that all stakeholders follow a standardized process when proposing and issuing coins.
Eligibility Criteria under Commemorative Coins Policy
Under this framework, proposals for commemorative coins will fall into two categories. In the first category, the Government of Pakistan will decide which events, achievements, or anniversaries deserve recognition. In the second category, public or private institutions can request the Ministry of Finance to issue a commemorative coin.
The policy mandates that commemorative coins have a minimum face value of Rs.50. The government can issue up to four coins per financial year under the first category, while only two coins can be approved in the second category.
Eligible themes include notable individuals, events, and organizations that hold national significance. Honorees must have made outstanding contributions at the national or international level. However, proposals with sectarian implications or content offensive to minorities and the general public will be rejected. The policy also restricts coins for personalities to their birth anniversaries; no commemorative coins will be issued for death anniversaries. In case of a national tragedy, a “Commiserative Coin” may be considered.
Approval Process and Minting Timeline
Entities proposing a commemorative coin must submit their request to the Finance Division at least three months before the event. The Federal Cabinet will review and approve the themes annually under Section 6 of the Pakistan Coinage Act, 1906. Once approved, the Finance Division will issue an official notification detailing the coin’s design, dimensions, metal composition, and minting quantity.
The Pakistan Mint, in collaboration with the requesting entity, will propose the coin’s design. It will also recommend materials, denominations, and dimensions to the Finance Division. The final design must be approved at least two months before issuance. The State Bank of Pakistan (SBP) will purchase the commemorative coins from the Pakistan Mint at face value.
A Finance Division Evaluation Committee will assess each proposal and make recommendations to the Finance Secretary. In exceptional cases, the committee may allow flexibility in the issuance limits, providing written justifications.
Once the Federal Cabinet approves a coin, the SBP will begin distribution. The proposing entity must authorize SBP to debit its account for up to 70% of the unsold stock after three months. Any remaining coins will stay in SBP’s custody for five years before being returned to the Mint for re-melting and reuse.
To ensure public awareness, the requesting entity must promote and publicize the commemorative coin. This awareness campaign will help highlight the significance of the honored event or personality, aligning with the objectives of the commemorative coins policy.
