Towards the end of the 1950s, the volume of gold trafficking had become so large that it inevitably precipitated a serious depletion in the foreign cash reserves at the Indian Reserve Bank and was causing economic damage arising directly from the smuggling operations. Smugglers used to take gold to the Indian sub-continent and return with Indian rupees which were valid for circulation in the region and were exchanged for more valuable foreign currencies to be used by the smugglers to buy more gold. The Government of India had complained of gold traffickers in the Gulf region whose base of operations was constantly being broadened, especially in Kuwait, Bahrain and Dubai. The Indian rupee was pegged to the British pound at a rate of 13 1⁄ 3 Indian rupees = 1 pound. That meant, in effect, that the Indian rupee was the common currency in those territories as well as in India. To the middle of the 20th century, the Indian rupee was also used as the official currency in the emirates on the eastern Arabian Peninsula, namely Kuwait, Bahrain, Qatar, the Trucial States, and Oman. It was issued by the Government of India and the Reserve Bank of India and was equivalent to the Indian rupee. These areas today form the countries of Kuwait, Bahrain, Qatar, Oman, and the United Arab Emirates. The Gulf rupee ( Arabic: روبية خليجية) was the official currency used in the British protectorates of the Arabian Peninsula that are around the Persian Gulf between 19. This infobox shows the latest status before this currency was rendered obsolete. (Replaced the Indian rupee usage in the Gulf) One Gulf rupee, similar to the regular One Indian rupee note issued in India, but printed in red and containing a "Z" letter prefix in the serial number.
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