State Bank Reveals India Owes Pakistan Rs 5.6 billion

It was recently brought to light by the State Bank of Pakistan that India still owes Pakistan at least Rs 5.6 billion as a debt. This is due to the fact that when the partition took place, India had to give Pakistan a certain amount of money, but it failed to do so and it still owes Pakistan that money as it was recorded in its debts and their State Bank cannot simply write it off.

During the time it had to transfer money to Pakistan, India decided to hold it, thinking that it is going to pay off the debt later on. However, that debt is still to be paid and it is still labelled as “Pending Transfer to Pakistan”.

The tricky thing about the matter is the fact that whatever the amount was finalized back in 1947, it will be estimated according to the current value of money and then the appreciated amount will be given to Pakistan so they can get the actual amount of money which India owes to them.

According to Historians, Pakistan only received 1.2 billion rupees while India owed 1.7 billion rupees to them. The remaining 0.5 billion has now appreciated to 5.6 billion which India still has to give back to Pakistan.

Short URL: https://www.newspakistan.pk/?p=46479

Posted by Ahmad Mehdi on Jul 16 2014. Filed under Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.