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At the time of independence of Pakistan in 1947 the Reserve Bank of India was
functioning as Central Bank of the undivided India. As it was not possible to set up a
separate Central Bank in Pakistan immediately after partition, it was agreed under
“Monetary System and Reserve Bank Order 1947” that the Reserve Bank of India should
continue to function as a Central Banking Authority for Pakistan until 30th September
1948. However, subsequently arrangements were made to relieve the Reserve Bank of
India from its duties as Central Bank for Pakistan as from the 30th June 1948.
Accordingly, the State Bank of Pakistan came into existence with effect from the 1st July
1948.
The Government of Pakistan issued its first notes from 1st October 1948 in the
denominations of Rs.5, Rs.10 and Rs.100 printed in Intaglio process by Ms. Thomas De
La Rue & Co. London.
The first note of the State Bank of Pakistan of Rs.2 along with Government of Pakistan
Re.1 note was got printed in Litho process from Ms. Bradbury Wilkinson & Co. London
which were issued from 1st March 1949. Subsequently, banknotes printed by Ms.
Thomas De La Rue & Co. in the denominations of Rs.5 and Rs.10 were put into
circulation from 1st September 1951 and Rs.100 form 15th September 1953. These
notes remained in circulation until their replacement started by printing M/s. Pakistan
Security Printing Corporation in 1953-54.
The portrait of Quaid-e-Azam was initially introduced on Rs.100 denomination note from
the 24th December 1957. The bank/currency notes put into circulation after 1957 to
date are listed below with the date of their first issue:
http://www.sbp.org.pk/notes/bank.asp