Pakistan Currency Act, 1950

This 1950 Act authorized the Government of Pakistan to issue its own one-rupee currency notes, distinct from rupee coins, and gave them full legal-tender status. Section 1 confirms the Act applies across Pakistan and took effect retroactively from when the earlier Pakistan Currency Ordinance, 1948 had come into force.

Section 2 defines a "Pakistan one-rupee note" as a one-rupee note issued by the Government of Pakistan. Section 3 (as later substituted) empowers the Federal Government to issue these one-rupee notes despite anything in any other law, and states that such notes are legal tender in Pakistan for payment of any amount -- treated the same as the rupee coin issued under the Pakistan Coinage Act, 1906 -- until the Federal Government calls them back in.

Section 4 applies the counterfeiting offences in sections 489A through 489D of the Pakistan Penal Code to these one-rupee notes, so forging or altering them carries the same criminal liability as forging ordinary currency or bank notes. Section 5 has since been omitted by later amendment.

This is an old currency statute (1950) whose extract shows extensive territorial-extension footnotes and amendment history ("Subs.", "Omitted and subs. by" the Federal Laws (Revision and Declaration) Ordinance, 1981), and it does not itself state specific counterfeiting penalty amounts (those are in the Penal Code sections it references), so anyone needing exact figures should consult the Pakistan Penal Code directly.