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Coll 30/224 'Currency Arrangements in the Arab Sheikhdoms of the Persian Gulf' [‎3r] (12/157)

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The record is made up of 1 file (74 folios). It was created in 22 Sep 1948-14 Sep 1949. It was written in English. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .

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I
Tims *
I have not had time to consider this at all
deeply but it looks to me as if v/e might have got
into trouble.
2. There are papers in the Registry which you sho Id
get out about a circular sent by the Pakistan
Government to diplomatic posts in the Middle fast,
Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. and Afghanistan saying that attempts
were being made by Hindu merchants to injure the
trade of Pakistan by crying down the value of the
Pakistan rupee. The Foreign Office enquired from
various posts what reply had been sent about this
and there was, I think; an answer from Bahrain.
Mow we have (External 71S5) an article in "Dawn 11
saying that "our good friends in Whitehall" (which
means you and me and Norman Young) "have been helping
the Hindus in their machinations against Pakistan
currency in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. ". This complaint is
now supported by the Pakistan Government officially.
It is true that the High Commissioner does not seem
much alarmed about this but I think we ought to
consider whether we did not perhaps go wrong in
agreeing with the Treasury proposal to allow the
Resident in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. to issue instructions
that British Offices, including Post Offices, in the
Gulf should deal only in Indian currency (No*3 on
B(B) 12809/48)• Those papers do not seem to be
complete because we have not got the Political
Resident’s arguments against accepting the Pakistan
rupee equally with the Indian rupee.
3. I suppose that the arguments are:-
(a) That it is difficult to operate on two
currencies even if the denominations are
the same, and
(b) That as commercial banks charge a discount
when they take Pakistan rupees Indian silver coin also widely used in the Persian Gulf. , there
would be a loss to British Of ices and
Post*Offices by doing so.
4. But as I understand it, the Pakistan rupee and
the Indian rupee, by agreement between the new
Pakistan Bank and the R.B.I. are exchangeable at par.
Since the number of Pakistan and Indian traders in the
Gulf is thought to he about equal, it does seem
desirable that the Trkirtan rupee should be accepted
there as readily as the Indian and that at any rate
United Kingdom authorities should not tase the lead
or set an example in making the Pakistan rupee a less
acceptable currency.
5. Assuming that I am right that there is a parity
arrangement between India and Pakistan, I should have
thought there was a case for trying to get the local
banks in the Gulf to accept the Pakistan rupee as
readily as the Indian one and without charging discount
This, however, is a highly technical banking matter.
lily impression as at present advised therefore is that
we had better go back to the Treasury and ask them to
reconsider this in consultation with the Bank of
England and see whether anything can be done to remove
the Pakistan grievance. At any rate we ought to try
and get an arrangement whereby British controlled
Post/

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Content

The file concerns currency arrangements in the Arab states of the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. that were under British influence.

The papers cover: allegations by the Government of Pakistan and in the Pakistani press of discrimination against Pakistan currency in Bahrain; exchange control policy; 'Report on Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. Tour of Treasury Representative [Leonard Waight]', dated June 1949, covering the use of the Indian rupee as the official currency of the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. sheikhdoms, the long-term implications of the increase in oil revenue in the region and the use of surplus funds (with particular reference to Kuwait and Bahrain), and the working of exchange control, with conclusions and recommendations (folios 28-41); the comments of the Political Resident A senior ranking political representative (equivalent to a Consul General) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Residency. in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. (Lieutenant-Colonel Sir William Rupert Hay) on Waight's report (folios 17-20); and a note of a visit to Bahrain by a representative of the State Bank of Pakistan in September 1949.

The file contains also correspondence from the Bank of England.

The file includes a divider, which gives a list of correspondence references contained in the file by year. This is placed at the back of the correspondence.

Extent and format
1 file (74 folios)
Arrangement

The papers are arranged in approximate chronological order from the rear to the front of the file. There are file notes on folios 2-11: these notes are in chronological order from the front to the rear of the file.

Physical characteristics

Foliation: the foliation sequence (used for referencing) commences at the first folio with 1 and terminates at the last folio with 74; these numbers are written in pencil, are circled, and are located in the top right corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. side of each folio. An additional foliation sequence is present in parallel; these numbers are printed, and are not circled. The foliation sequence does not include the front and back covers.

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English in Latin script
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Coll 30/224 'Currency Arrangements in the Arab Sheikhdoms of the Persian Gulf' [‎3r] (12/157), British Library: India Office Records and Private Papers, IOR/L/PS/12/3968B, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100076712172.0x00000d> [accessed 29 March 2024]

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