The 19-year-old, who made his debut fighting for Pakistan in India after claiming he was snubbed by England's selectors, was a losing semi-finalist in the 52kg, which meant he was awarded a place on the podium.

Speaking after his medal-winning performance in Delhi, Khan had said: "I think I've proved my point to the (England) selectors.

"There wasn't a British boxer in my category in the semi-finals.

"I would love to see the selectors now.

"I should have won that medal for England."

Mohammad Waseem was Pakistan's other boxing medalist in Delhi - picking up a bronze medal in the 49kg class - and was awarded the same financial prize as Khan.

"The boxers have made the country proud and hence they deserve the acknowledgement," said PSB director-general Syed Amir Hamza Gilani.

Meanwhile, Pakistan Boxing Federation president Doda Khan Bhutto said the initiative will go a long way to promoting the game in the country, adding that the rewards will help motivate boxers to perform at their peak in the upcoming Asian Games.

"It's an encouraging step that will boost boxers' morale ahead of the Asian Games," said Bhutto.

Khan is now set to fight for Pakistan on a permanent basis and, following the Asian Games in November ,will turn his sights to London 2012 where he will compete in the green and white of his adopted country.

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