History of Paper Currency

History of Paper Currency
By Dr. Adnan Zuberi 

ZuberiAdnanPP

After the annexation of Karachi  with Bombay Presidency (1943) Sir Henry Bartle Ferer were appointed as Commissioner of Sindh.
He was a visionary who understand the Geo Strategic importance of Karachi,the Gateway to South Asia. He took his personal interest in the development of the town. One of his major achievement was the development of a Railway link from Karachi to Kotri.
Zoarostarians or Parsi community also played a vital role in the development of Karachi. Dinshaw Maneckji was the man who first established the printing press in Karachi. It is highly likely the first paper currency issued by the Bank of Bombay was printed in his press. Definite record not available. Although the very first bank notes  in India were issued by Bank of Hindustan, a private bank in 1773. The East India Company didnt officially recognised the legality of these paper currency notes.
The war with Tipu Sultan needed to finance the war. EIC set up a Bank of Calcutta for this reason.
Now back to Karachi. Karachi was not only developing as a major sea port ( kemari) of western India but the proximity to Afghanistan and Iran via Balochistan played a vital role in this regard. By the late 1860s Karachi was emerging as a firm Financial Hub. Imperial bank and Standard Chartered Banks had already set their business. The british govt 1856,send  William Ashby Ingle first as civil servant in Shikarpur and in 1860 he appointed as Commissioner of paper currency in Karachi and finally retired in 1876.

About Amin H. Karim MD

Graduate of Dow Medical College Class of 1977.
This entry was posted in Karachi History. Bookmark the permalink.

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