| Money
is an intrinsic component of the cultural
heritage of a country mirroring its socio-economic
history.
On 1st July,1948 the management of currency
was taken over by State Bank of Pakistan
from the Reserve Bank of India. The Issue
Department of the Bank, which is separate
and wholly distinct from the Banking Department,
is concerned with the issue of notes and
maintains assets in the form of gold coin,
gold bullion, sterling securities, approved
foreign exchange, rupee coin and rupee
securities to meet the liabilities of
Issue Department. In order to provide
currency for the transactions of the Government
of Pakistan and Provincial Governments
and reasonable remittance facilities to
the public currency chests which contain
both notes and rupee coins are maintained
by the Issue Department at certain places
in Pakistan.
|