A Chapter in India's Currency History |
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Common terms and phrases
12 crores action adopted American cross rate amount artificial B. F. MADON balance of trade Bank of England banks Bomanji Bombay bullion cent Chamber coin creditor crores of rupees currency and exchange Currency Committee currency policy currency system Dalal duty effect England enormous export trade favour Finance Member fixed further Gold Exchange Standard Gold Standard Reserve Government of India Hailey high prices import of gold inconvertibility India Office Indian Coinage Indian currency Indian Exchange Indian Merchants interests investments legal tender London loss Majority Report meeting ment millions money standard note issue organised loot Paper Currency Reserve payment pence Pittman Act position pound sterling precious metals present price of silver producer profits protest raising rate of exchange recommendations remittance Reverse Bills Reverse Council Bills sale of Reverse Secretary sold sovereign speculators standard ratio tion to-day token coins trade balances unit of value Webb
Popular passages
Page 150 - ... generally suitable media of internal circulation in India are at present rupees and notes, and that the Government should, as opportunity may offer, encourage notes, while providing — and this is the cardinal feature of the whole system — absolute security for the convertibility into sterling of so much of the internal currency as may at any moment be required for the settlement of India's external obligations.
Page 66 - Indian exchange and currency was appointed, the terms of reference running ' to examine the effect of the war on the Indian exchange and currency system and practice and upon the position of the Indian note issue, and to consider whether in the light of this experience and of possible future variations in the price of silver, modifications of...
Page 51 - India do not warrant the imposition of a limit on the amount for which they should constitute a legal tender; indeed, for some time to come, no such limitation can be contemplated.
Page 138 - Councils, in wanton disregard of Indian opinion as expressed in the Minority Report of the Currency Committee, to the enormous and serious loss to the Indian Export Trade, have pursued a ruinous policy conceived in the interests of British manufactures with the result that Indian Trade and Commerce have been entirely unsettled and dislocated, while the British Treasury has been relieved of a substantial part of its indebtedness to India, and the British Capitalists and manufacturers have been given...
Page 190 - England one of the most flourishing trades during the war was that in cheap jewellery, in which form the working classes invested a substantial proportion of their increased earnings. Every country in the world uses gold and silver for industrial and domestic purposes, and it induces a sense of angry injustice to find that the Indian demand for the precious metals, for precisely the same purposes, is perverted into senseless hoarding, especially when the history and conditions would justify a far...
Page 155 - Then the State would have to make a charge for its trouble. From the paper put in by Mr. KD Hodgson, one of the directors of the Bank of England, in the course of his evidence before the Committee of 1875, it is calculated that the profit to the State on the Bank of England circulation, exclusive of stamp duty, is equal to IDS.
Page 124 - Indian exports might suffer to an extent which would endanger the maintenance of exchange at the level which we propose. In that case it would be necessary to consider the problem afresh, and take the measures which might be required by the altered circumstances.
Page 73 - The Government of India should be authorised to announce, without previous reference to the Secretary of State on each occasion, their readiness to sell weekly a stated amount of Reverse Councils (including telegraphic transfers) during periods of exchange weakness at a price based on the cost of shipping gold from India to the United Kingdom.
Page 149 - ... system or practice may be required ; to make recommendations as to such modifications, and generally as to the policy that should be pursued with a view to meeting the requirements of trade, to maintaining a satisfactory monetary circulation, and to ensuring a stable gold exchange standard.
Page 180 - Really speaking, the artificial appreciation of the rupee by the currency legislation of the Government should have brought about, after things had time to adjust themselves on the new basis, a general fall in prices in this country. In the first few years after the closing of the mints to the free coinage of silver, this tendency was counteracted by a succession of famines and scarcities, and probably in a smaller measure by hoarded rupees having come into circulation. Latterly the general rise,...