You dont have javascript enabled! Please enable it! 1971.06.09 | Stampede to banks in Karachi | Hindustan Standard - সংগ্রামের নোটবুক

Stampede to banks in Karachi

ISLAMABAD, JUNE 8. A stampede to the banks in Karachi resulting in the clearance of as many as 200 vaults by the city’s wealthy section in one day has led the Government to issue a denial of press reports relating to the country’s foreign exchange position, says UPI.
Reports had stated that the Government would confiscate privately held gold and jewellery to boost Pakistan’s foreign exchange position.
A Finance Ministry circular, however denounced the reports as incorrect and totally unfounded”.
UNI adds: Pakistan which demonetized 500-rupee and 100- rupee notes yesterday claimed today that large number of people were turning up at banks to surrender the notes.
Radio Pakistan said that crowds of people went to the banks before 9 a.m. the scheduled time for their opening, and formed long queues.
The authorities have ordered the banks to accept 500 rupee notes today and tomorrow and 100-rupee notes until Thursday.
The Martial Law Regulation Number 81, under which the notes were demonetized, said: “Demonetisation was done as large quantities of Pakistan currency notes have been illegally removed from Government treasuries, the State Bank of Pakistan and offices and branches of other banks in East Pakistan.
The people would get back the equivalent of the notes they surrendered only when it was proved that such money had not been illegally removed. Special committees would be appointed to go into cases of tax evasion and assess the tax payable to the Government.
During the non-co-operation movement, launched by Bangabandhu Sheikh Mujibur Rahman before the Pakistani Army struck in Bangladesh, had asked the people not to pay taxes to the Islamabad regime.

Reference: Hindustan Standard 9.6.71