Karachi, November 15 (NIA): In what appears to be an aspect of the deteriorating relations with India and Bangladesh, due to accusations of cross border terrorism, the Pakistan government has decided to claim a total of Pak Rs. 15.25 billion (approx US$ 145 million) as its historical dues from India and Bangladesh, Express Tribune reports.
According to State Bank of Pakistan (SBP), the value of assets arrogated by India is Pak Rs. 6 billion (US$ 57.2 million) at the end of June 2016, while Bangladesh has to pay more than Pak Rs 9.21 billion (US$ 87.9 million).
The SBP has written to all commercial banks and development finance institutions, asking for details of accounts of assets and other dues receivable from the two countries. The purpose is to compile a final assessment of the amount due against India and Bangladesh.
They were also asked to provide details of any write-offs they made in respect of assets or dues.
In 1947, British-ruled India was divided into India and Pakistan. In 1971, Pakistan was divided into Pakistan and Bangladesh. These political divisions were occompanied by the division of financial and other material assets. The division of assets was controversial. In 1947, India held back some dues out of pique, but Mahatma Gandhi went on a fast and forced the govenmnt of India to give Pakistan what was due to it. Bangladesh was formed after a war with Pakistan, and here again, the division of assets became an issue.
According to statistics of the State Bank of Pakistan, India has been Pakistan’s debtor since the time of partition and the amount due exceeds Rs6 billion. These include gold reserves, sterling securities, Indian securities, rupee coins and Pakistan’s share in the Indian currency at the time of partition.
Pakistan had paid India for printing of currency notes but they were never provided, additionally India also did not return the money paid for the printing even after seven decades. The amount due in this respect is Rs 40 million (US$ 381,770).
Similarly, Bangladesh as East Pakistan owed Pakistan Rs 9.21 billion by June 30, 2016 in respect of transactions between government offices, loans, advances and papers.
The details that will be provided to the SBP are expected to increase the total of the dues.