1 Indian Rupee In Pakistan

The Pakistani rupee (ISO code: PKR) is the official currency in the Islamic Republic of Pakistan. The issuance of the currency is controlled by the State Bank of Pakistan. It was officially adopted by the Government of Pakistan in 1949. Earlier the coins and notes were issued and controlled by the Reserve Bank of India until 1949, when it was handed over to the Government and State Bank of Pakistan, by the Government and Reserve Bank of India.

In Pakistani English, large values of rupees are counted in thousands; lakh (hundred thousands); crore (ten-millions); Arab (billion); kharab (hundred billion). Numbers are still grouped in thousands (123,456,789 rather than 12,34,56,789 as written in India)

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The Pakistan (Monetary System and Reserve Bank) Order, 1947 was issued on August 14, 1947, by the Governor General of pre-partition British Indian, following the advice of an expert committee.[4] It designated the Reserve Bank of India (RBI) as the temporary monetary authority for both India and Pakistan until September 30, 1948.[4] During this transitional period, currency notes issued by the RBI and the Government of India were to remain legal tender in Pakistan.[4] The order also allowed these notes to bear inscriptions of Government of Pakistan in Urdu and English, to be circulated from April 1, 1948.[4] Like the Indian rupee, it was originally divided into 16 annas, each of 4 pice or 12 pie.

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] The modifications involved inscribing Government of Pakistan in English and "Hakumat-e-Pakistan" in Urdu on the front of the notes.[4]

In January 1961, the currency was decimalised, with the rupee subdivided into 100 pice, renamed (in English) paise (singular paisa) later the same year. However, coins denominated in paise have not been issued since 1994.

After the independence, the Pakistani government established a national security printing facility in 1949, named the Pakistan Security Printing Corporation (PSPC).[4] This venture, a partnership between Thomas De La Rue & Co. Ltd. (holding a 40% stake) and the Pakistani Government (with a 60% stake), started with a capital of 7.5 million rupees. The foundation for the facility was laid in Karachi by the Governor General of Pakistan on March 11, 1949.[4] In selecting a printing method, the PSPC chose the intaglio process over the lithographic method due to concerns about counterfeiting and regional security issues with India. This decision reflected a preference for a higher-security printing technique.[4]

The PSPC began issuing its own 1- and 5-rupee notes in the fiscal year 1952-53.[4] These notes resembled those previously produced by Thomas de la Rue & Company, but the 1-rupee note featured a notable change: a blue back without under-print, different from the purple back of the British versions. This new design was circulated on January 31, 1953.[4]

On December 14, 1963, the State Bank of Pakistan started operating its own printing press, eventually taking over all national banknote production.[4] Later, the 1-rupee note was modified to include a purple back with pink and blue under-print, similar to the De La Rue design.[4] Variations of the 1-rupee note are identified by differences in the serial number font and signature styles.[4]

Although the PSPC had been printing lower denomination notes since July 1953, the third series of the 100-rupee note, released in September 1953, was initially produced by Thomas De La Rue in the UK.[4] Subsequently, these notes were printed by the PSPC, with the change in production source identifiable by variations in the serial number font.[4]

Since the United States dollar suspension in 1971 of convertibility of paper currency into any precious metal, the Pakistani rupee has been fiat money. Before the collapse of Bretton Woods system, currency was pegged at fixed exchange rate to the United States dollar for international trade, with the dollar convertible to gold for foreign governments only.

2008 was termed a disastrous year for the rupee after the elections: between December 2007 and August 2008 it lost 23% of its value, falling to a record low of Rs.79/20 against the US dollar.[22] The major reasons for this depreciation were huge current and trade accounts deficits that had built up since the credit boom in Pakistan after 2002. Due to rising militancy in the Khyber Pakhtunkhwa province and its tribal areas, foreign direct investment began to fall, and the structural problems of the balance of payment were exposed; foreign exchange reserves fell disastrously to as low as US$2 billion.[citation needed]

The rupee continued to slowly decline until the start of 2018, when it began to rapidly devalue. The crash worsened midway through 2021, with the Pakistani rupee losing almost half its value between May 2021 and May 2023. This is largely attributed to political instability, devastating flooding, and a debt crisis.

The Pakistani rupee gained it value at the end of September until mid October 2023 with Pakistan's Federal Investigation Agency embarking on a country-wide raid on exchange companies involved in illegal dollar transactions, which involved the buying and selling of dollars through informal channels without documentation.[23] Since then Pakistani became the best performing currency of September 2023 against US dollar.

Rupee is the common name for the currencies of India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, Burma, German East Africa (as Rupie/Rupien), and Tibet. In Indonesia and the Maldives, the unit of currency is known as rupiah and rufiyaa respectively, cognates of the word rupee.

The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world,[2] along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen.The term is from rpya, a Sanskrit term for silver coin,[3] from Sanskrit rpa, beautiful form.[4]

During his reign from 1538/1540 to 1545, Sher Shah Suri of the Sur Empire set up a new civic and military administration and issued a coin of silver, weighing 178 grains, which was also termed the Rupiya.[9][10] Suri also introduced copper coins called dam and gold coins called mohur that weighed 169 grains (10.95 g).[11] The use of the rupee coin continued under the Mughal Empire with the same standard and weight, though some rulers after Mughal Emperor Akbar occasionally issued heavier rupees.[12][13]

The 1911 accession to the throne of the King-Emperor George V led to the famous "pig rupee". On the coin, the King appeared wearing a robe with the imprint of an elephant. Through poor engraving, the elephant looked like a pig. The population was enraged and the image had to be quickly redesigned. Acute shortage of silver during the First World War, led to the introduction of paper currency of One Rupee and Two and a half Rupees. The silver coins of smaller denominations were issued in cupro-nickel. The compulsion of the Second World War led to experiments in coinage where the standard rupee was replaced by the "Quaternary Silver Alloy". The Quaternary Silver coins were issued from 1940. In 1947 these were replaced by pure Nickel coins. The Monetary System remained unchanged at One Rupee consisting of 64 pice, or 192 pies.

In India, the "Anna Series" was introduced on 15 August 1950. This was the first coinage of the Republic of India. The King's Portrait was replaced by the Ashoka's Lion Capital. A corn sheaf replaced the Tiger on the one Rupee coin. The monetary system was retained with one Rupee consisting of 16 Annas. The 1955 Indian Coinage (Amendment) Act, that came into force with effect from 1 April 1957, introduced a "Decimal series". The rupee was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. The "Naye Paise" coins were minted in the denominations of 1, 2, 5, 10, 20 and 50 Naye Paise. Both the Anna series and the Naye Paise coins were valid for some time. From 1968 onwards, the new coins were called just Paise instead of Naye Paise because they were no longer naye(new).

With high inflation in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and aluminium-bronze were gradually minted in aluminium only. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity. Over a period, cost-benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the 1970s. Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Rs 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s.

In East Africa, Arabia, and Mesopotamia, the rupee and its subsidiary coinage was current at various times. The usage of the rupee in East Africa extended from Somaliland in the north to as far south as Natal. In Mozambique, the British India rupees were overstamped, and in Kenya, the British East Africa Company minted the rupee and its fractions, as well as pice.

The rise in the price of silver immediately after the First World War caused the rupee to rise in value to two shillings sterling. In 1920 in British East Africa, the opportunity was then taken to introduce a new florin coin, hence bringing the currency into line with sterling. Shortly after that, the florin was split into two East African shillings. This assimilation to sterling did not, however, happen in British India itself. In Somalia, the Italian colonial authority minted 'rupia' to exactly the same standard and called the pice 'besa'. e24fc04721