The Age Of Stars

Reserve Bank of India · 1 May 1950

Reserve Bank of India: Rs 12 crores transferred in sterling to the State Bank of Pakistan against the return of an equivalent amount…

Rs 12 crores

Rs 12 crores transferred in sterling to the State Bank of Pakistan against the return of an equivalent amount of Indian rupee securities, because the UK military-stores and pension payment fell short of the provisional Partition apportionment estimate

VerifiedOfficial record. Source: RCF5051

State Bank of Pakistan / HM Treasury · regulation · 27 July 1950

UK–Pakistan exchange of letters extending the principal Agreement to 30 June 1951

15

Temporary transfers already made, amounting to £14 million by 30 June 1950, are converted into permanent transfers; for 1950-51, up to £15 million plus up to £2½ million for exceptional requirements arising from the state of trade and payments with India. Any sterling paid by the Reserve Bank of India to the State Bank of Pakistan under the India–Pakistan Payments Agreement of August 1949 is to be dealt with under a set ordering (first £5m to No. 2; next £5m to bring the No. 1 working balance to £12m; remainder to No. 2, subject to a £14m cap)

VerifiedOfficial record. Source: UNTS134-1797

Government of Hyderabad / RBI · 26 January 1950

Government of Hyderabad / RBI: The Indian Currency (Legal Tender) Regulation, 1359 Fasli, made Indian coins, bank notes and currency notes…

The Indian Currency (Legal Tender) Regulation, 1359 Fasli, made Indian coins, bank notes and currency notes legal tender in Hyderabad from the date Hyderabad acceded to the Indian Union; Hali Sicca currency continued as legal tender pending conversion at Hali Sicca Rs 116-10-8 for Indian Rs 100

VerifiedOfficial record. Source: RBIH1 pp. 582–583 and p. 129 (accession note)

former Indian States

Foreign Exchange Regulation (Amendment) Act, 1950

Extended the main Act to all the Indian States (then Part B States) except the State of Jammu and Kashmir

VerifiedOfficial record. Source: RBIH1, "Exchange Control"

Hyderabad State

Indian Currency (Legal Tender) Regulation, 1359 Fasli

Indian currency made legal tender in Hyderabad on accession; Hali Sicca continued as legal tender pending conversion at Hali Sicca Rs 116-10-8 per Indian Rs 100

VerifiedOfficial record. Source: RBIH1 pp. 582–583

Indo-British Trade Agreement 1939 carried over / Commonwealth preference (Ottawa 1932 system)

Preference margins (generally 10% ad valorem, 7.5% on cars) continued under GATT's grandfather clause

Their weight fell as India moved to QR-based protection and as specific duties were eroded by inflation. No new preferences for UK goods after 1947 found. The margins by product for the 1950s were not found by me.

ReportedPeer-reviewed. Source: NBER w27178 (Gupta et al., interwar protection); Hansard 1939-02-13; GATT 1947 Art. I:2

East Asia

Korean War

Commodity boom 1950–51 (jute, tea, oilseeds, cotton prices spiked, then slumped in 1952), which helped the First Plan's external position; India chaired the Neutral Nations Repatriation Commission (Gen. K.S. Thimayya) and supplied the Custodian Force India

ReportedOfficial record. Source: UN records (NNRC); RBI Report on Currency and Finance 1950-51/1951-52

Himalaya

Chinese entry into Tibet

Loss of the Tibet trade outlet. 1954 Sino-Indian Agreement on Trade and Intercourse (Panchsheel), 1954-04-29.

ReportedPeer-reviewed. Source: general histories