Pakistan owes $62.5 Million to India

By siliconindia   |   Tuesday, 07 July 2009, 22:21 IST   |    25 Comments
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Pakistan owes $62.5 Million  to  India
Bangalore: Pakistan still owes 300 crore ($62.5 million) to India, which is being carried every year as a liability in the budget account. This pre-partition debt was first entered as a liability in the first budget of independent India in 1950-51. The 62.5 million debt is referred by the budget as "amount due from Pakistan on account of share of pre-partition debt." This amount accounted for more than 10 percent of India's total liabilities of 2,865 crore in 1950-51 and nearly 10 times of its external debt of 32 crore. Today, it is a small amount compared to the total liabilities of 34,95,452 crore that the government has. India has not added any interest to this amount since then. India on the other hand cleared its share of the pre-partition debt of 50 crore soon after independence.