We got independence on 15 August 1947. After this, till September 1948, only Indian notes were used in Pakistan. Pakistan was formed, but then it had no central bank. The country also had to run. There was no sign of it starting immediately. It was then decided that the Reserve Bank would play the role of the central bank for Pakistan and India. At the time of partition, Pakistan had requested that it was unable to form a central bank immediately. In such a situation, only RBI should arrange currency for it. By 30 September 1948, the Reserve Bank was made the common authority for India and Pakistan. For the first time, printing of notes started in October 1948 in Pakistan. However, till 1953, notes were printed from India and went to Pakistan.
This seal used to be on the notes
From 1948, Pakistan stopped the circulation of all types of notes in India. Instead the Government of India and the RBI started printing notes for the Government of Pakistan. These notes were used only in Pakistan. Banknotes specially prepared for Pakistan were printed in the security press of Nashik. These banknotes were signed by the Governor of RBI. The notes bear the stamps of ‘Government of Pakistan’ and ‘Hukumat-e-Pakistan’ in English and Urdu.
In those days RBI used to print Pakistani notes of 1, 5, 10 and 100 rupees. In Pakistan, till 1953, notes were printed from India only. In the same year, the State Bank of Pakistan took over the right to issue notes. The Government of Pakistan used to issue one rupee note from 1953 to 1980. State Bank of Pakistan was the first to print 2 rupee notes. The government of Pakistan printed notes of Rs 5, Rs 10 and Rs 100 under the intaglio process. It was designed by Thomas de la Roi & Company of London.
Pakistan fought a war with us in Kashmir
When India was helping Pakistan to stand up, it was cunning. On 21 October 1947, Pakistani tribals attacked Kashmir. These invading tribesmen had the support of none other than the Pakistani army. In the wake of the attack by Pakistan, the then king of Kashmir, Hari Singh had sought India’s help. India had put the condition of merger for help. Raja Hari Singh then agreed to merge Kashmir with India to save Kashmir from tribal attack. After the agreement on the Instrument of Accession was reached, India sent troops to Kashmir to drive out the Pakistani tribals. The blood of many of our soldiers was shed in this war.
Pakistani rupee has crossed the 200 level against the dollar
Today the economic condition of Pakistan is very thin. Pakistan’s rupee has crossed the level of 200 against a dollar. There is severe inflation. There has been a drought in foreign exchange reserves. Pakistan’s foreign exchange reserves have reached the lowest level in three years. Imports are becoming expensive due to the increase in the value of the dollar against the Pakistani rupee. Pakistan’s foreign exchange reserves have come down drastically to $ 7.83 billion. In comparison, India’s foreign exchange reserves stood at $ 572.978 billion as of August 5. It is one of the largest economies in the world.
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