Punch

(1) The male part of a die-as distinguished from the female part, which is called the die. The punch is usually the upper member of the complete die assembly and is mounted on the slide or in a die set for alignment (except in the inverted die). (2) In double-action draw dies, the punch is the inner portion of the upper die, which is mounted on the plunger (inner slide) and does the drawing. (3) The act of piercing or punching a hole. Also referred to as punching.

Source: The OHIO State University