The Founder of Pakistan Quaid-i-Azam
Muhammad Ali Jinnah, in May, 1948, took steps for immediate
establishment of the State Bank of Pakistan. These were
implemented by State Bank of Pakistan Order 1948 dated
12 th May, 1948 and the State Bank of Pakistan commenced
operation on July 1, 1948.
As per the State Bank
of Pakistan Order 1948, the State Bank of Pakistan was
charged with the duty to regulate the issue of bank
notes and keeping of reserves with a view to securing
monetary stability in Pakistan and generally to operate
the currency and credit system of the country to its
advantage.
The State Bank of Pakistan
Act 1956, with subsequent amendments, forms the basis
of its operations today. In terms of Section 24, State
Bank of Pakistan has the sole right to issue banknotes.
The State Bank of Pakistan
introduced the first emergency issues in the denominations
of 5, 10, and 100 rupees, printed by De La Rue & Company
between 1948 and 1960. Presently
new banknote series is in circulation since 2005 with introduction of 20 rupee
denomination banknote followed by introduction
of other banknote denominations of 50, 100, 500, 1000, and
5000.
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