Law for eliminating old coins passed -Pakistan Press Foundation (PPF)

Paksitan Press Foundtion

Law for eliminating old coins passed

The National Assembly on Wednesday unanimously passed ‘The Pakistan Coinage (Amendment) Bill, 2011’ for elimination of decimal/old coins. The Bill was prepared after receiving recommendations from the State Bank of Pakistan (SBP), commercial banks and business community. The Bill was moved by State Minister for Finance Saleem Mandviwala. The House passed the Bill unanimously without any amendment.

The reasons described in the Bill for elimination of decimal/old coins are: (i) Decimal/old coins are no more transacted in daily life due to their negligible worth (ii) Decimal/old coins have become obsolete and lost their utility. (iii) Decimal/old coins have lost their acceptance. (vi)They are no more used in transactions as these coins are rarely withdrawn/deposited at bank counters. (v) Decimal/old coins are burdensome and difficult to carry. Pakistan Mint has also requested for return of old/decimal coins for re-cycling/re-melting to save government resources utilised for the purchase of metals for minting of Re1 and Rs 2 coins.

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