Tag Archives: State Bank of Pakistan

Bitcoin To Be Illegal in Pakistan

Bitcoin To Be Illegal in Pakistan


Sumera Saeed | February 7, 2018 | category: Banking

Bitcoin To Be Illegal in Pakistan. Soon the use of Bitcoin will be illegal in Pakistan. The Federal Investigation Agency (FIA) has suggested the government of Pakistan to announce the digital currency Bitcoin as illegal. FIA has alos suggested that in order to stop the emerging crime in the country the government has to include the definition and distinct punishment in the prevention of electronic crimes act (PECA).

As per the FIA official notification the Bitcoin is not accepted and recognized legal by the State Bank of Pakistan (SBP) and damaging the government exchequer. FIA said that Bitcoin should be declared illegal with the inclusion of definition and distinct punishment of this emerging crime.

SECP Warns People Not To Invest in Bitcoin & Other Crypto Currencies and Starts Crack Down Against Illegal Traders in Pakistan

As State Bank of Pakistan (SBP) has termed the digital currencies illegal. There is no law that shows to deal with Bitcoin or any other digital currencies in Pakistan.

The prevention of electronic crimes act (PECA) was made in 2016 and FIA has suggested more amendments to improve it.

FIA said that crimes under PECA-2016 — other than cyber terrorism [Section.10], offence against modesty of natural person [Section.21] and child pornography [Section.22] — are non-cognizable, bail-able and compoundable.

These following are non-cognizable offences according to PECA-2016, i.e. the Law Enforcement Agencies are allowed to take action against the offensive to initiate the investigation or arrest without the permission of the Magistrate.

Illegal Access /alteration / deletion / intrusion to Critical Infrastructure Information Systems/ Data Section 6, 7, 8]

  •     Electronic Forgery [Section.13]
  •     Electronic Fraud [Section.14]
  •     Unauthorized Issuance of SIM [Section.17]
  •     Tampering of electronic equipment’s [Section. 18]
  •     Cyber Stalking [Section.24]
  •     Spoofing [Section.26]

FIA said that due to the non-cognizable nature of these offences, related to the cyber security of the country is hindering the helpful investigation and successful prosecution against the offenders. Furthermore these crimes are bail-able which harmfully affects the arrest of offender as bail is granted on first physical remand.

These offences are compoundable, which means that at any stage an aggrieved person can enter into conciliation with the accused.

FIA want the timely investigation of these time-critical crimes demands an immediate response by the law enforcement agency to limit and contain the damage caused by offenders. As the timely investigation and apprehension would improve the evidence collection for successful trial.

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Everything You Need to Know About Pakistan’s First Cryptocurrency Pakcoin

Everything You Need to Know About Pakistan’s First Cryptocurrency Pakcoin


Sumera Saeed | January 18, 2018 | category: Business

Everything You Need to Know About Pakistan’s First Cryptocurrency Pakcoin. Of the few Pakistani gambles in the digital currency we know, Pakcoin is one of them. Pakcoin is the premier digital currency with a special focus on its Pakistani users.

It is first digital currency in Pakistan, actually based on Litecoin and is 1% premined (trading at Rs. 1.45). These premined coins will be used for development and airdrop to Pakistanis.

Pakcoin is the internet currency that permits fast and easy, near-zero cost payments to anyone across the world.

Pakcoin is an open source, international payment network that is completely decentralized without any central authorities.

Pakcoin has been there since two years but come into focus when a hospital (Abid hospital) starts accepting as a mode of payment. Abid hospital is the first hospital in Asia accepting digital currency.

How To Buy Bitcoins In Pakistan?

Who invented Pakcoin?

Mr. Abu Shaheer is actually the man behind Pakcoin invention in the country. He is a computer geek and working in this field for 16 years. He revealed that the idea to invent Pakcoin comes from Auroracoin, an Iceland based digital currency.

He started Pakcoin alone but later one some local and foreigners have joined him in the marketing of Pakistan’s first ever digital currency.

Use of Pakcoin

The use of Pakcoin, though the State Bank of Pakistan (SBP) has declared illegal, but a large number of Pakistanis using it to make global payments.

Regardless of your nationality If you have interest in Pakcoin you are most welcome at www.pakcoin.info.

First 150,000 Pakistanis will get 50 PAK each for Free. If you interested fill Pakcoin address and then fill out the form here to claim your free Pakcoins.

Pakcoin is available at Wallets, Linux and Windows, and soon be made available at Mac Wallet.

How to invest and profit with Pakcoin?

If you are interested to invest and profit with Pakcoin you need to watch the video below:

Hope you will find the above information helpful, if you are interested to buy Pakcoin as an investment, please do so at your own risk.

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APBF Wants Strong Reforms for External Stability as Budget Deficit Reaches 2.3% of GDP

APBF Wants Strong Reforms for External Stability as Budget Deficit Reaches 2.3% of GDP


admin | January 12, 2018 | category: News

APBF wants strong reforms for external stability as budget deficit reaches 2.3% of GDP. APBF: As the country’s budget deficit has reached 2.3% of Gross Domestic Product during July-Nov of fiscal year 2017-18, the All Pakistan Business Forum has stated that the government is deviating from the path of fiscal discipline mainly due to heavy cost of domestic and foreign debt servicing.

APBF President Ibrahim Qureshi said the figures negate the federal government’s claim of reversing the trend of the last fiscal year when the budget deficit peaked to a record high of Rs. 1.86 trillion.

He said that the budget deficit and the current account deficit have become the biggest challenge for the economy, overshadowing the government’s economic performance in other areas. Because of these twin deficits, there are apprehensions that Pakistan might go back to the IMF for yet another bailout package, APBF leader warned.

He said that government should undertake strong reforms to maintain external stability, ensuring debt sustainability and supporting higher economic growth by containing the budget deficit.

He said the present trend shows that the annual budget deficit target of 4.1% of GDP approved by the parliament in June last year has now become unrealistic in just five months due to rising spending on debt servicing, forcing the country to go for more borrowing from the international market.

According to State bank of Pakistan (SBP), the country’s total external debt servicing stood at $2.09 billion during the first quarter of FY18. On principal side, external debt servicing under public debt stood at over $900 million, some $32 million on Public Sector Enterprises (PSEs) guaranteed debt, $53 million on PSEs non-guaranteed debt and around $ 50 million on private non-guaranteed debt. Around $670 million were paid on account of short-term debt servicing. Debt servicing on account of interest includes over $30 million to the IMF, $8 million to Paris Club and $90 million of multilaterals.

Ibrahim Qureshi said that country’s total external debt servicing exceeded $ 2 billion mark during the first quarter of current fiscal year. The decline in the SBP reserves also reflects lower inflows and higher foreign payments. The overall gap between expenditures and incomes has widened to Rs.826 billion during the July-Nov despite the fact that all provinces showed Rs. 150 billion as cash surplus during this period.

He said that the main reason behind this budget deficit is ballooning debt servicing repayments. The domestic and foreign debt servicing has increased to around Rs627 billion during July through November of the current fiscal year.

APBF chief said that the government’s growing reliance on short-term domestic and foreign borrowings has significantly increased the debt servicing cost. The 7% rupee devaluation during last one year would also increase the government’s cost of external debt servicing.

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National Savings of Pakistan Announced Prize Bond Schedule For 2018

National Savings of Pakistan Announced Prize Bond Schedule For 2018


Sumera Saeed | December 29, 2017 | category: Banking

National Savings of Pakistan Announced Prize Bond Schedule For 2018. The Central Directorate of National Savings of Pakistan has officially announced the Prize Bond Schedule for 2018. The National Savings of Pakistan has declared the schedule from January to December 2018.

According to the National Savings of Pakistan the lucky draw will be made in 2018 for these prize bond series are Rs. 100, Rs. 200, Rs. 750, Rs. 1500, Rs. 7500, Rs. 15000, Rs. 25000 and Rs. 40,000.

There will be 32 lucky draws held in different cities of Pakistan for prize bonds of 8 different values mentioned above. For each of the value of Prize bond 4 lucky draws will be held in different cities of Pakistan. State Bank of Pakistan is managed the all money worth in the prize bond lucky draw results.

National Savings of Pakistan has issued the Prize Bond Schedule For 2018 which will be held in the whole year in 2018 from 1st January to 31st December 2018. At daytimes.pk you will catch the prize bond draw results when it will held.

Here is the National Savings of Pakistan has issued the Prize Bond Schedule For 2018.

Prizebond Draw No. Draw Date Day City
Rs. 15,000/- 73 2 January, 2018 Tuesday Muzaffarabad
Rs. 750/- 73 15 January, 2018 Monday Lahore
Rs. 7,500/- 73 1 February, 2018 Thursday Peshawar
Rs. 25,000/- 24 1 February, 2018 Thursday Quetta
Rs. 1,500/- 73 15 February, 2018 Thursday Karachi
Rs. 100/- 21 15 February, 2018 Thursday Multan
Rs. 40,000/- 73 1 March, 2018 Thursday Lahore
Rs. 200/- 73 15 March, 2018 Thursday Faisalabad
Rs. 15,000/- 74 2 April, 2018 Monday Multan
Rs. 750/- 74 16 April, 2018 Monday Rawalpindi
Rs. 7,500/- 74 2 May, 2018 Wednesday Hyderabad
Rs. 25,000/- 25 2 May, 2018 Wednesday Faisalabad
Rs. 100/- 22 15 May, 2018 Tuesday Karachi
Rs. 1,500/- 74 15 May, 2018 Tuesday Quetta
Rs. 40,000/- 74 1 June, 2018 Friday Peshawar
Rs. 200/- 74 15 June, 2018 Friday Muzaffarabad
Rs. 15,000/- 75 3 July, 2018 Tuesday Lahore
Rs. 750/- 75 16 July, 2018 Monday Faisalabad
Rs. 25,000/- 26 1 August, 2018 Wednesday Rawalpindi
Rs. 7,500/- 75 1 August, 2018 Wednesday Quetta
Rs. 100/- 23 15 August, 2018 Wednesday Muzaffarabad
Rs. 1,500/- 75 15 August, 2018 Wednesday Karachi
Rs. 40,000/- 75 3 September, 2018 Monday Multan
Rs. 200/- 75 17 September, 2018 Monday Hyderabad
Rs. 15,000/- 76 1 October, 2018 Monday Peshawar
Rs. 750/- 76 15 October, 2018 Monday Lahore
Rs. 25,000/- 27 1 November, 2018 Thursday Karachi
Rs. 7,500/- 76 1 November, 2018 Thursday Rawalpindi
Rs. 1,500/- 76 15 November, 2018 Thursday Faisalabad
Rs. 100/- 24 15 November, 2018 Thursday Multan
Rs. 25,000/- 76 3 December, 2018 Monday Quetta
Rs. 200/- 76 17 December, 2018 Monday Hyderabad

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Forex Reserve in Pakistan Enhance by $2 Billion: SBP

Forex Reserve in Pakistan Enhance by $2 Billion: SBP


Sumera Saeed | December 18, 2017 | category: Banking

Forex Reserve in Pakistan Enhance by $2 Billion: SBP. State Bank of Pakistan (SBP) held the foreign reserves and according to the report the forex reserves increased by the $2 billion because of the large amount received from foreign bonds and Sukuk in the last week.

The State Bank of Pakistan (SBP) has revealed that the total inflows gained from foreign reserves of the country increased to $20.68 billion from $18.68 billion till 8th December, 2017.

The forex reserves detained by SBP stand at $ 14.66 billion while the net foreign reserves seized by commercial and private banks stand at $6.02 billion.

According to SBP the modification in the Forex reserve is which is nearly $2.05 billion due to the profits gains from the Pakistan International Bonds and Pakistan International Sukuk.

The $2.05 billion forex reserves was gained by the 10-year Eurobond which is the 6.875 percent of the sale and gained $1.5 billion amount whereas the $1 billion was detained from the sale of five-year Sukuk at 5.625 percent.

Though, Pakistan has made money of 0.5 billion from external debt servicing and loan repayments to various foreign banks and agencies.

It is worth mentioning here that the forex exchange reserves in Pakistan have touched all-time high level of $23.3 billion in November 2016.

But later on the forex exchange reserves in Pakistan were not been stable in the subsequent months. The forex reserves continuously declined in the later months due to repayment of heavy loans to international lending agencies and different foreign banks.

The forex reserves in Pakistan have reduced by $3.8 billion since January ($22.2 billion) to November ($18.7 billion) in 2017 due to mainly the nonstop outflows of exchange for loan repayment and ballooning import bill.

From January to November 2017 Pakistan has also received money of $550 million from USA in the month of March on the account of Coalition Support Fund (CSF) but its impact was temporary on the forex reserves.

Even though the major inflows of the foreign exchange reserves in the country have been declined from its position as it was in the beginning of 2017. Its reserves declined to $22.2 billion to $20.68 billion as far as this in the closing year.

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Change in Dollar Exchange Rate To Raise Prices of All Commodities

Change in Dollar Exchange Rate To Raise Prices of All Commodities


Sumera Saeed | December 12, 2017 | category: Business

Change in Dollar Exchange Rate To Raise Prices of All Commodities. The value of Pakistani rupee against the American dollar has been decreased on the directions of International Monitory Fund (IMF), to give some space to Pakistan to claim some upward trends in its exports, but it has started price hike in the country and it will increase prices of all the commodities.

On Tuesday, the dollar was exchanged at rupees 110.5 in the open market and there are indications that it will go further as the government and especially the State Bank of Pakistan has not taken any preventive measures in last two days to maintain the exchange rate of the rupee against American dollar.

A team of IMF is in Pakistan to negotiate with the Ministry of Finance and other departments for the future strategy and there are confirmed reports, that the IMF had directed Pakistan especially the State Bank of Pakistan to allow the price of rupees to go down against dollar. Even the inter bank rate of US dollar touched to Rs. 107.2 while the open market at some places registered a high of Rs. 110.5.

The exchange rate was higher today even with the reports that State Bank of Pakistan has received dollars 2.5 billion earned through the launch of Sukuk and Euro bonds.
According to market reports, whenever such type of huge transaction was made and Pakistan received dollars, the market is stabalised and even the rupee value strengthened as compared to dollar. However, analysts said that the current account deficit and related factors were building pressure on the economy which resulted in the deterioration in the rupee against the dollar.

Senator Saleem Mandviwala while express his concern on the devalue of rupee against dollar said it will increase the prices of imported items that include petroleum products, import of machinery even being used in the CPEC projects and other house hold products.

He said the increase in the price of petrol will have a negative effect on the national economy which is already suffering due to wrong decisions of the government.

He said there should be competent and full time Ministry of Finance of the country, to look into the financial matters and take timely decisions like the decision to change the exchange rate of the rupee against dollars which is the most important factor in the economic stability of the country.

Leading Eonomist Muzammil Aslam said that the devalue of rupee against American dollar will definitely earlier that an increase in the dollar rate will lead to rise in prices of food items, petrol and other products. He said the only one thing which will be in favour of the government, will be higher number of export value as after the decease in the rupee value, Pakistan can register some more figures in its exports after next quarter.

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Jobs in National Database and Registration Authority NADRA

Jobs in National Database and Registration Authority NADRA


Sumera Saeed | October 3, 2017 | category: Government Jobs in Pakistan

Jobs in National Database and Registration Authority NADRA

Job Titles:

  • Marketing Associate
  • Finance Associate
  • Monitoring Associate

Location: Islamabad, Pakistan

Industry: NADRA

Positions: 03

Apply Before: 16th October, 2017

Age Limit: 35 years

Minimum Qualification and Experience: mentioned on the advertisement

How to Apply?

You can apply for the Jobs in National Database and Registration Authority by sending CV with other documents by the due date. For additional details see the advertisement below:

Address: Deputy Director HR, National Database and Registration Authority, State Bank of Pakistan building , Sahirah Jamhuriat, G-5/2 Islamabad

Phone: 051-90391346

Jobs in National Database and Registration Authority NADRA

For further updates stay tuned with daytimes.pk

Jobs in State Bank of Pakistan

Jobs in State Bank of Pakistan


Sumera Saeed | October 3, 2017 | category: Government Jobs in Pakistan

Jobs in State Bank of Pakistan

Job Titles:

  • Young Professional Induction Program

Location: Karachi, Pakistan

Industry: State Bank of Pakistan

Positions: 10

Apply Before: N/A

Age Limit: 28 years

Minimum Qualification and Experience: mentioned on the advertisement

How to Apply?

You can apply for the Jobs in State Bank of Pakistan by sending CV with other documents by the due date. For additional details see the advertisement below:

Jobs in State Bank of Pakistan

For further updates stay tuned with daytimes.pk

APBF

Increase in FDI reflects improvement in security situation: APBF


Sumera Saeed | July 22, 2017 | category: Business

As The All Pakistan Business Forum has said that increase in Foreign Direct Investment in FY17 reflects the improvement in security situation, implying that investors had started coming back to Pakistan, as the country has attracted FDI of $ 2.4 billion, up by 4.6 percent during 2016-17.

According to State Bank of Pakistan (SBP), after a very long time FDI has shown an upward trend and rose by 4.6 percent during last fiscal year.

The country fetched $2.41 FDI during July-June of FY17 compared to $2.305 billion in the same period of last fiscal year, depicting an increase of $105.6 million. During the period, FDI inflows were less than FY16, however lower outflow posted some increase in the overall FDI. Net FDI inflows stood at $2.813 billion against the outflow of $403 million in FY17.

Ibrahim Qureshi said that country’s liberal policies of investment offered one of the most attractive investment regimes in the region. He said that Pakistan’s trade with European Union has also increased substantively after the grant of GSP+ status to Pakistan.

APBF president appreciated the government’s resolve to meet the challenges faced by Pakistan in European markets vigorously, suggesting it should devise strategies to promote Pakistani products. He called upon the trade officers to take advantage of opportunities offered by the China-Pakistan Economic Corridor and growth in Pakistan’s national economy made possible by the strengthening of democratic institutions and improvement of the security situation in Pakistan.

Quoting the figures of Central Bank, he said that China topped the contributors to FDI as its investment accounted for about 50 percent. Major inflows were received from Netherlands, Turkey, France and UK during July-June of FY17. China’s total investment in Pakistan stood at $1.23 billion, including $1.186 billion FDI and $48.4 billion Foreign Portfolio Investment (FPI) during FY17.

Ibrahim Qureshi said that despite some increase in foreign investment, the FDI inflows were not sufficient to fully offset the widening in the current account gap. As a result, the country’s liquid foreign exchange reserves declined over $ 1.7 billion during FY17. According to SBP during the period, portfolio investment witnessed downward trend and declined by 66 percent.

APBF president Ibrahim Qureshi said that only political will and drastic steps can revive the economy, which should have grown significantly and constantly for visible impact. He advocated the need for raising the country’s tax base so that tax-to-GDP ratio improves from current 9%.

Besides governance challenges, adverse security perception, political instability and the foreign trade offices role is also vital for the continuity of enhancement in foreign investment, he concluded.

New-Currency-Notes

SBP Branches Code Numbers For Getting New Currency Notes For Eid-ul-Fitr 2017


Sumera Saeed | June 13, 2017 | category: News

We recently reported you that State Bank of Pakistan has launched an SMS service for getting the new currency notes for Eid-ul-Fitr 2017.

The new currency notes will be available at the nominated commercial bank branches called e-branches and all the sixteen offices of SBP and BSC across Pakistan.

The people can get the fresh currency note by using a short SMS code.

The issuance of fresh currency notes for Eid-ul-Fitr 2017 will start on 12th June till 23rd June.

How to Avail SBP SMS Service?

  • Just send SMS to 8877 with your CNIC number and with a branch ID number.
  • Just type CNIC number Space and Branch ID number and send it to 8877.
  • SMS charges are just Rs.1.5+tax.

The list of all branches codes across Pakistan is here. You can find the code of nearest one branch and can type the code into your SMS for getting new currency notes for Eid-ul-Fitr 2017.

 

New-Currency-Notes

SBP Launches SMS Service for Issuance of New Currency Notes For Eid-ul-Fitr 2017


Sumera Saeed | June 7, 2017 | category: News

In collaboration of Pakistan Bank Association (PBA) the State Bank of Pakistan (SBP) has launched an SMS service this Ramazan for the issuance of new currency notes for the people at the occasion of Eid-ul-Fitr 2017.

SBP has re-launched this service after getting tremendous response for the people on the occasion of Eid-ul-Fitr 2015.

The new currency notes will be available at the nominated commercial bank branches called e-branches and all the sixteen offices of SBP and BSC across Pakistan.

The people can get the fresh currency note by using a short SMS code.

The issuance of fresh currency notes for Eid-ul-Fitr 2017 will start on 12th June till 23rd June.

How to Avail SBP SMS Service?

Just send SMS to 8877 with your CNIC number and with a branch ID number.

Just type CNIC number Space and Branch ID number and send it to 8877.

SMS charges are just Rs.1.5+tax.

Note:

When you will go for the having new currency notes must bring the CNIC card and a photocopy of it.

Visit the SBP website or the PBA website for having branches codes number.

State-Bank-Of-Pakistan

APBF calls for promoting FDI

APBF calls for promoting FDI


Sumera Saeed | February 1, 2017 | category: Business

APBF calls for promoting FDI

The All Pakistan Business Forum has urged the government to promote foreign direct investment (FDI) which has been maintaining a steady decline from a $5.2 billion peak in 2007-08 despite the government spending on overseas trade offices have been increased to Rs1.7 billion in 2016-17.

APBF president Ibrahim Qureshi said that only political will and drastic steps can revive the economy, which should be grown significantly and constantly for visible impact. He advocated the need for raising the country’s tax base so that tax-to-GDP ratio improves from current 9%.

Foreign direct investment fell by 45 percent to $460 million in the first five months of the current fiscal year, giving a disappointing picture of the economy.

However, it is good that the investment has shown a sign of improvement during first six months (Jul-Dec) after a long time as inflows improved 10 percent to cross the $1 billion mark. During the period, overall investment increased by 50 percent to $1.8 billion but this increase was achieved by involving the money borrowed through the Eurobond.

Quoting the State Bank of Pakistan data, he said that FDI has been declining for the last three years despite regular investments from China.

He said that the primary function of trade offices is to promote exports that have persistently been falling for a long time. Country’s exports during 2015-16 dropped by 12 percent to $20.8 billion despite the fact that government expenses to run foreign trade offices have jumped by over 30 percent.

Besides governance challenges, adverse security perception and political instability the foreign trade offices role is also vital to promote exports and attract FDI, he pointed out.

Ibrahim Qureshi urged the trade officers to explore opportunities to diversify exports of goods and services in their respective areas.

He appreciated the commerce ministry’s resolve to meet the challenges faced by Pakistan in European markets vigorously, suggesting it to devise strategies to promote Pakistani products. He called upon trade officers to take advantage of opportunities offered by China-Pakistan Economic Corridor and growth in Pakistan’s national economy made possible by strengthening of democratic institutions and improvement of security situation in Pakistan.

FDI improvement in Dec 2016 reflects the improvement in security situation, implying that investors had started coming back to Pakistan. Moreover, country’s liberal policies of investment offered one of the most attractive investment regimes in the region.

APBF president said that Pakistan’s trade with European Union has increased substantively after the grant of GSP+ status to Pakistan.

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State Bank of Pakistan Officially Launched Rs.10 Coin

State Bank of Pakistan Officially Launched Rs.10 Coin


Sumera Saeed | October 24, 2016 | category: News

State Bank of Pakistan Officially Launched Rs.10 Coin

State Bank of Pakistan (SBP) has officially launched the coin of 10 rupees, today on 24th October, 2016. The Rs.10 coin is similar in appearance and color to Rs. 5 coin but it is bit large in size. You can have the further details below about the Rs.10 Coin in Pakistan.

This new 10 rupees coin is yellow in color and round with serrations on the edges and a diameter of 25.5mm. its weight is 5.50gm.

State Bank of Pakistan Officially Launched Rs.10 Coin