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.

As per the partition arrangement, India notes in circulation in Pakistan were to be replaced by Pakistan’s own currency notes. Therefore, Pakistan inscribed notes containing inscription ‘Government of Pakistan’ in Urdu and English were started issuing from 1st April 1948. The inscribed notes were in the denominations of Re.1, Rs.2, Rs.5, Rs.10 and Rs.100 which were demonetized from 15th January 1952.

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: