I found this information on one of the FB Groups for this medal.
Hope this helps,
Punjab Medal was a campaign medal approved in 1849, for issue to officers and men of the British Army and Honourable East India Company who served in the Punjab campaign of 1848-49 operations which ended in the British annexation of the Punjab.
The medal was approved on 2 April 1849, authorised for all who served in the Punjab between 7 September 1848 and 14 March 1849. Three clasps were authorised, although no medals were awarded with all three clasps. No unit qualified for both the clasps Mooltan and Chilianwala. The medal was issued without a clasp to those units that were present in the Punjab but did not take part in fighting.
The obverse of the medal bears the head of young Queen Victoria and the legend 'VICTORIA REGINA'.
Clasps
MOOLTAN 7 September 1848 - 22 January 1849. Awarded to troops engaged in the siege of Multan.
CHILIANWALA 13 January 1849. Awarded to troops under the command of Lord Gough who defeated the Sikh army of Sher Singh and Lal Singh near Chilianwala .
GOOJERAT 21 February 1849. Awarded to troops under the command of Lord Gough who defeated the Sikh army of Sher Singh at Goojerat.
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