The Investor’s India Yearbook 1926-27

The Bank issues Letters of Credit and grants Drafts payable at the above Agencies and Branches and also by its Correspondents in the principal cities of the World buys and receives for collection approved Bills of Exchange : undertakes the purchase and sale of East India Securities and Stocks and Shares on behalf of Constituents. [...] Sir Purshottamdass Thakurdas who dissented from these conclusions recommended that the functions of a Reserve Bank and the management of the Currency be undertaken by the Imperial Bank of India and that the Rupee be stabilised at is. [...] At the end of the year the 5 per cent. [...] The seller of shares pays brokerage but no other charges and the buyer ... pays transfer stamps and fees deeds being stamped by seller in accordance with the Indian Stamp Act end the cost recovered from the buyer; in the case however of shares bought from the open market the buyer pays brokerage and such is included in the price quoted in the contract.