India and Pakistan had agreed in November 1947 that Rupees 55 crores remained to be transferred to Pakistan, as its share of the assets of undivided India. However, at the insistence of Sardar Patel, India informed Pakistan, within two hours of the agreement, that the actual implementation of the agreement would hinge on a settlement on Kashmir. Said Sardar Patel: “In the division of assets we treated Pakistan generously. But we cannot tolerate even a pie being spent for making bullets to be shot at us. The settlement of assets is like a consent decree. The decree will be executed when all the
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