History:

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:

Bank Note First Issue

50 Rupees 12 June 1964
1 Rupee 14 July 1964
500 Rupees 28 October 1964
5 Rupees 19 September 1966
10 Rupees 16 November 1970
50 Rupees 1 March 1972
100 Rupees 1 March 1972
5 Rupees 5 June 1972
10 Rupees 5 June 1972
1 Rupee 20 December 1972
1 Rupee 16 May 1974
1 Rupee 15 April 1975
5 Rupees 12 July 1976
10 Rupees 12 July 1976
100 Rupees 12 July 1976
50 Rupees 29 December 1977
1 Rupee 24 March 1981
2 Rupees 24 August 1985
500 Rupees 1 April 1986
1000 Rupees 18 July 1988
 5 Rupees (Commemorative) 13 August 1997
20 Rupees 13 August 2005
10 Rupees 27 May 2006
5000 Rupees 27 May 2006

http://www.sbp.org.pk/notes/bank.asp