Friday, August 19, 2011

Rupee coin will be the smallest unit

The National Assembly Standing Committee on Finance on Thursday approved the Pakistan Coinage Amendment Bill 2010 which replaces the paisa denominated coins with one rupee coin as the smallest unit. The approval brings to an end 105 years old system of calculating currency on paisa.



The state Bank of Pakistan (SBP) would exchange within six months Rs600 million worth paisa coins. One per cent of these coins would be preserved with SBP and in museums, the committee was informed. A committee chaired by Fouzia Wahab was told by Finance Secretary Waqar Masood that the decimal coins were no more relevant and have become out dated. He said that the coins of denominations of 1 rupee, 50 paisa, 25 paisa, 10 paisa etc were in circulation since 1906. SBP Deputy Governor Kamran Shahzad told the committee that on January 1, 1961, Pakistan introduced decimal Coinage System by launching coins of denominations of 10, 5, and 1 paisas and decimal coins of higher denominations of 50 and 25 paisas were put into circulation subsequently.

Tuesday, July 26, 2011

Demonetization of Rs. 5 and Rs. 500 Bank notes

Rs 500 old design banknote and Rs 5 banknote will stand demonetized with effect from 1st October 2011 and 1st January 2012 respectively. The State Bank of Pakistan (SBP) has, therefore, advised the general public to exchange Rs 500 bigger size old design banknote latest by September 30, 2011 and Rs 5 banknote by 31st December, 2011 from the field offices of SBP Banking Services Corporation (BSC) and branches of commercial banks operating throughout the country.

Tuesday, June 14, 2011

Coins of Pakistan appearing in the Pirates of the Caribbean movies

In the film released in 2003 - Pirates of the Caribbean (The curse of the black pearl), Capt. Jack Sparrow seen wearing a bead strip hanging from his hair. Attached at the end of strip is the Pakistani 50 Paisa Coin which was issued during the period 1963 - 1969.


Also in the film released in 2011 - Pirates of the Caribbean (On Stranger Tides), Capt. Jack Sparrow seen wearing a bead strip hanging from his hair. Attached at the end of strip is the Pakistani Coin of Half Rupee which was issued during the period 1948 - 1951.

                          


Friday, June 03, 2011

Commemorative Coin - 150 Year Celebrations – Lawrence College, Ghora Gali, Murree (20 Rs)

The Government of Pakistan has decided to issue a Rs 20 Commemorative Coin with effect from May 28. Coin has been launched from May 28 (Saturday) to mark the occasion of 150th Anniversary of Lawrence College Murree. 
 
 150 Years of Lawrence College Murree
20 Rupees (May 28, 2011)
Dimension - 30.00 mm, Weight - 9.50 gms
Material - Cupro Nickel (Copper 75% & Nickel 25%)
Mintage - 100,000