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Indo-Pak Banks Agreement: 1961

This provides for exchange of bank accounts and contents of lockers and safe deposits which are to be collected at New Delhi and Lahore to be handed over to the diplomatic representative of the other country. The agreement is signed in New Delhi on July 10, 1961

Further meetings of the Implementation Committee set up under the Movable Property and Banking Agreements were held at New Delhi on July 7th and 8th, 1961.
In pursuance of the decision taken by the Rehabilitation Ministers of Pakistan and India at Calcutta, the mechanics for transfer of bank accounts of evacuees together with funds from the en-bloc areas were worked out. All the accounts along with the funds will be transferred on September 30th, 1961. Regarding non-en-bloc areas, it was agreed that verified lists of accounts will be exchanged and the procedure for payment will be examined further.
It was also agreed that facilities for the realization of the assets of the Indian displaced banks in Pakistan would be provided in accordance with the provisions of the agreements already arrived at between the two countries.
A detailed procedure was also drawn up for the collection of the contents of lockers and safe deposits at Lahore and Delhi and their handing over to the diplomatic representative of the other country.
It was decided that the lists of lockers in which the two countries are interested and of third party claims against lockers and safe deposits received upto November 30th, 1955, would be exchanged at Lahore on August 1st, 1961. The contents of lockers and safe deposits will be brought to Lahore and Delhi by the end of August 1st, 1961. Simultaneously, the Joint Committee consisting of the representatives of the two countries would examine and decide the third party claims against the lockers and safe deposits. The contents of lockers and safe deposits collected at Lahore and Delhi would be handed over to the diplomatic representative of the other country on September 30th, 1961.
India agreed to release securities worth about Rs. 91akhs belonging to the local bodies in Pakistan and lying with the D.A.G., P & T, Calcutta. They also agreed to release the accumulated dividends or interest on the shares and securities of Pakistani nationals, lying with the banks of India.
There were further exchanges of cheques for sale proceeds of movable property and of securities and payment authorities in respect of court deposits.
When two parties have a deal, there must be an element of benefit to both, unless it is an enforced or compulsory deal.
JAWAHARLAL NEHRU,
August 17th, 1961

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