THE question of the division of the sterling balances between Pakistan and the Indian Union has, it is learnt, been referred to the Arbitrate Tribunal set up recently with the concurrence of both the Governments. The Partition Council could not come to an agreement on the subject.
… The Pakistan Government find no difficulty in meeting the current demand, as Pakistan has a favourable balance of trade. Regarding internal currency, the Pakistan Government will start using currency notes superimposed [with] “Government of Pakistan”, from April 1948, only. In the meantime, designs for Pakistan currency notes and coinage will be worked out, and after final approval by the Cabinet, new notes and coins will be put into circulation about the end of 1948. Mr Mumtaz Hassan, a senior officer of the Indian Audit and Account Service, has been already sent to the Reserve Bank of India, Bombay to study the system.
[It was also reported that] The Pakistan Government have taken up a number of urgent and pressing problems which call for immediate solution. It is reliably learnt that one of these problems is concerning the NWFP, where an anomalous position still obtains. The Pakistan Government are understood to have taken a very serious view of the deliberate absence of the Frontier Ministers at the flag hoisting ceremony at Peshawar. This is regarded as an affront to the national flag and to the Central Government.
Published in Dawn, August 21st, 2022
