Workshop Technology
In piercing operation, the clearance is provided on

Punch
Half on the punch and half on the die
Die
Either on punch or die depending upon designer's choice

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Workshop Technology
Lancing is the operation of

Cutting a sheet of metal through part of its length and then bending the cut portion
Removal of metal to the desired shape from the edge of a plate
Cutting a sheet of metal in a straight line along the length
Bending a sheet of metal along a curved axis

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