ISLAMABAD: The Senate Standing Committee on Finance was told on Wednesday that the Ministry of Finance had sought funds for seven development projects from the government.
The officials of the Planning Commission said; of the seven projects, three were ongoing and two are yet to start. The new projects also include upgradation of Pakistan Mint (coin press).
The Senate body was told that modern plants would be able to produce 800 coins per minute.
The Ministry of Finance officials said the factory was formed during the era of World War-II. The factory currently produces 90 coins per minute, and once upgraded, it will be able to produce 800 coins in a minute, the officials said
Senator Mohsin Aziz said the use of coins had already declined in Pakistan. The ministry official responded that coins usage was common in all the developed countries worldwide.
He informed that life of currency notes varies between six months and two years. The government is contemplating to introduce security features in new coins to be created at upgraded plants. “Coins life is between 25 and 40 years.”
The Senate committee was told that Rs 7.3 billion were required for setting up a new plant.
The committee head Farooq H. Naek asked the ministry official to brief the body in detail after 15 days so it would subsequently analyse.