Divison of Financial Assets during early days of 1947
Features
• Division of assets of the country – a major issue• An agreement was desperately needed
• Agreed to divide assets on the basis of division of population between both the countries
• Financial Assets Division agreement ratio India - 17: Pakistan 5
• Pakistan to receive Rs. 750 million out of Rs. 4 billion from Indian Reserve Bank
• 1st installment of Rs. 200 million received
• After that war on Kashmir broke
• Indian refused to pay with the fear that Pakistan will use it to buy weapons which will be used against India
• Indian agreed to pay remaining amount on the condition that Pakistan should stop fighting and should agree that that Kashmir will go to India
• India perceived that Pakistan will become bankrupt
• Gandhi determined for just division of assets between Pakistan and India
• He objected to Indian policy and as a supporter of non-violence, he used the threat of hunger strike and successfully persuaded India to pay a further Rs. 500 million
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