Old Pakistani currency
The word rūpiya is derived from the Sanskrit word rūpya, which means "wrought silver, a coin of silver",[1] in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin". It is derived from the noun rūpa "shape, likeness, image". Rūpaya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE.
The Pakistan (Monetary System and Reserve Bank) Order, 1947 was issued on 14 August 1947, by the Governor General of pre-partition British India, following the advice of an expert committee.[2] It designated the Reserve Bank of India (RBI) as the temporary monetary authority for both India and Pakistan until 30 September 1948.[2] During this transitional period, currency notes issued by the RBI and the Government of India were to remain legal tender in Pakistan.[2] The order also allowed these notes to bear inscriptions of Government of Pakistan in Urdu and English, to be circulated from 1 April 1948.[2] 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.[2] Modified RBI notes in denominations of 2, 5, 10, and 100 rupees, and 1-rupee notes from the Government of India were later introduced.[2] The modifications involved inscribing Government of Pakistan in English and "Hakumat-e-Pakistan" in Urdu on the front of the notes.[2]
An early 1948 agreement between the governments of India and Pakistan resulted in an amendment to the Pakistan (Monetary System and Reserve Bank) Order, 1947, moving up the deadline for the RBI's role as Pakistan's monetary authority from 30 September 1948, to 30 June 1948.[2] Concurrently, the arrangement for the RBI to supply inscribed Indian notes to Pakistan was terminated on 30 June 1948.[2]
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.
In 1972, the so-called newly independent Bangladesh introduced the Taka originally at parity with the Pakistani rupee. Afterwards, the Pakistani rupee ceased to be legal tender in Bangladesh.
Notes
- ↑ "Etymology of rupee". 20 September 2008. Archived from the original on 10 November 2013. Retrieved 25 July 2013. Unknown parameter
|url-status=ignored (help) - ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 "The Banknotes of Pakistan 1947-1972". www.pjsymes.com.au.
