"It is a great moment for both the cricket playing nations and we want to give the medals as mementoes. It will be a momentous occasion," PCB's Chief Executive Officer Ramiz Raja said.
Raja said legendary batsman Hanif Mohammad would be the Guest of Honour at the function where some other former cricketers and dignitaries are also expected to be present.
"It is a pleasant surprise that we have played 50 Test matches, but I hope the next 50 Tests come sooner than later," said Raja.
Of the 49 Tests that have been played between the two traditional rivals, Pakistan have won ten while India have won six. As many as 33 Tests have ended in draw. India have hosted 27 matches while 22 matches have been held in Pakistan.
India have crossed the border for a full tour of Pakistan after nearly 15 years and the three-match series is now interestingly poised at 1-1. Earlier, India won the One-day series 3-2.
The Indians recorded their first ever Test win in Pakistan when they defeated the hosts by an innings in the Multan Test (Mar 28-Apr 1).