Finance Ministry seeks funds for new mint plant for Pakistan

ISLAMABAD: A meeting of the Senate Standing Committee on Finance held at the Parliament House here with Senator Farooq H. Naik in chair.

The standing committee was informed about the funds for seven projects of the Ministry of Finance including new and the ongoing projects.

The finance ministry officials informed the standing committee session that the new projects of the ministry included the up-gradation of Pakistan Mint.

The present mint in Lahore was established during the Second World War period and it prepares 90 coins in a minute, officials said. The modern upgraded plants will prepare 800 coins in a minute, finance ministry officials further said.

Senator Mohsin Aziz said that the use of coins has decreased in Pakistan. The coins, however, mostly used in all developed countries of the world, a ministry of finance official said.

The currency notes have an age between six months to two years, the ministry official further said.

With modern mint plants security features could also be introduced in coins, official said. A coin have an age between 25 to 40 years, the official said.

The finance ministry officials said that the estimated cost of a new mint plant is 7.3 billion rupees.

Chairman committee Farooq Naik asked for a detailed briefing over the project after 15 days so the committee could consider the project.