This stone inscription, which has provided very welcome information on the history of the Śāhi dynasty of Udbhāṇḍapura, commonly called the Hindu Śāhis of Kabul and Panjab, was brought to light in the course of the comprehensive search for Śāhi records carried out by Mr Abdur Rehman, who published the text together with an English translation and copious notes in JRAS, 1978, pp. 31–37. Rehman has made an important contribution to the history of the Śāhi dynasty by suggesting that the dates in the inscriptions of the Sahis should be referred to an era founded by Kallar, the founder of the dynasty, in A.D. 850. Rehman has rightly called this era the Śāhi Era. Some of the verses and expressions in this inscription of Jayapala have not been correctly interpreted, however, and in one case by his rendering of verse 8, the editor has been led to draw wrong historical conclusions. The need for a re-appraisal is apparent.