India And Pakistan Duel In Court Over Rs 300 Crore Sitting In London Bank Since 1947!

The rivalry between India and Pakistan is internationally acknowledged. But Kashmir is not the bone of contention between the two countries.

And, no, they're not fighting for the World Cup of 2019 either.

$45 million (Rs 311 crore, approx) that was locked away in a bank in London since 1947 has brought the legal teams from both countries to court as they wait for a historical judgement regarding the money's fate.

So how did the $45 million that may belong to either countries land up in a bank in London? Let's step back in to the past.

It is well known that Hyderabad was among the princely states of India and the royal Nizam there came from some of the richest dynasties in colonial India.

These dynasties were known for their wealth and its extravagant display.

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Osman Ali Khan, the seventh and the last Nizam of the princely state of Hyderabad, was among one of the wealthiest men in the world during colonial rule.

He gifted a Cartier diamond tiara and a diamond necklace to Queen Elizabeth II on the occasion of her wedding with Prince Philip.

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In 1947, when the British empire finally crumbled, newly independent India was preparing to withdraw Hyderabad from the princely rule. This is when Nizam feared for his finances and sent a large sum of money to London to be kept safe.

The money was then kept with Pakistan¡¯s then high commissioner for the UK, Habib Ibrahim Rahimtolla.

When, years later, Nizam asked for the money to be returned, Pakistan refused. At the time the Nizam had deposited $1.3 million (Rs 9 crore, approximately) which after 70 years of worth of interest has reportedly grown to a whopping $45 million (Rs 311 crore, approx).

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It is 2019 now and the money rests in a National Westminster bank account today.

After Pakistan¡¯s refusal the case went to the House of Lords where Pakistan argued that it cannot be sued as it was a sovereign nation. This meant the money could be locked away with none of the two parties being able to access it.

This created an opportunity for Nizam¡¯s two grandsons, 80 and 84, to reclaim the money.

The case is set to be finally resolved by the UK High Court in a matter of six weeks.

If it favours India, Nizam¡¯s grandsons might inherit the money. Pakistan¡¯s claim to the money is that it was helping smuggle arms into the princely state before 1948 Indian invasion. They consider the money to stand as the payment for their services.

Alternatively, the funds could remain locked up in the bank account too. But after the developments of 2013, it is very likely that the ownership of the money will be declared.

Guess we have another India-Pakistan match to look forward to in six weeks' time.