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For the first seven months following partition, currency issued by the RBI and the Government of India continued to circulate in Pakistan. [4] Modified RBI notes in denominations of 2, 5, 10, and 100 rupees, and 1-rupee notes from the Government of India were later introduced. [ 4 ]
India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage so that the new dollar exchange rate in 1949 became ₹4.76 — which is where it stayed till the rupee devaluation of 1966 made it ₹7.50 to the dollar and the pound moved to ₹21. [26] [27]
In the years 2010 and 2011, for the first time ever, ₹ 75, ₹ 150 and ₹ 1000 coins were minted in India to commemorate the Platinum Jubilee of the Reserve Bank of India, the 150th birth anniversary of the birth of Rabindranath Tagore and 1000 years of the Brihadeeswarar Temple, respectively.
A dollar bill might not be worth a lot, especially these days. But it's still a very complicated piece of legal tender. So, it's a sure bet that there are a lot of fun, interesting and downright ...
c. 30) is an act of the Parliament of the United Kingdom that partitioned British India into the two new independent dominions of India and Pakistan. The Act received Royal Assent on 18 July 1947 and thus modern-day India and Pakistan, comprising west (modern day Pakistan) and east (modern day Bangladesh) regions, came into being on 15 August ...
On 26 January 1950, India became an independent republic in the Commonwealth of Nations. This series was introduced on 15 August 1950 and represented the first coinage of Republic of India. The British King's portrait was replaced by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger on the one rupee coin.
After the State Bank of Pakistan was founded in 1948, a currency dispute between India and Pakistan broke out in 1949. Trade relations were strained until the issue was resolved in mid-1950. Monsoon floods between 1951–52 and 1952-53 created further economic problems, as did uneven development between East and West Pakistan.
Liaquat Ali Khan, first Prime Minister of Pakistan. Indian Muslims from the United Provinces, Bombay Province, Central Provinces and other areas of India continued migrating to Pakistan throughout the 1950 and 1960s and settled mainly in urban Sindh, particularly in the new country's first capital, Karachi. [45]