The Arbitral Tribunal Order on the division and allocation of property, assets, and liabilities for India and Pakistan was published.

The Order vested far-reaching powers in the Tribunal over such matters as “the division between the Dominions of India and Pakistan, of the assets and liabilities of the Governor-General in Council” and “the amount of assets and liabilities of the Reserve Bank of India to be transferred to Pakistan when the Reserve Bank of India ceases to be the bank of issue for Pakistan or the Central Bank of Pakistan.”

Source: ‘The Arbitral Tribunal Order, 1947’ cited in Nicholas Mansergh & Penderel Moon (eds.), Transfer of Power, vol. XII, p. 676