WITH effect from July 1, 1948, Pakistan will have its own Bank to manage its paper currency, public debt and exchange control.

The Bank will be called the Central Bank of Pakistan and will take over the various functions which at present are being performed by the Reserve Bank of India. In order to give the Bank adequate strength and prestige, the Government, it is understood, propose to have a fully paid up capital of Rs 3 crores which will enable the Bank to function with confidence and discharge its obligations satisfactorily. It is reported that the Government intend to retain majority control in their own hands but, at the same time, propose to invite private investments amounting to 49 per cent of the capital.

The Board of Directors will include, inter alia, three Directors who will be elected by the shareholders, thus giving private talent adequate opportunity of sharing in the management and control of the Bank. There will be a Central Board of 8 directors and Local Boards at Dacca, Karachi and Lahore with separate share registers for each area.