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Royal Commission on Indian Currency and Finance. Minutes of Evidence taken in India before the Royal Commission on Indian Currency and Finance

1901

During the first period after that was recognised the chief anxiety of the Government was to recover control of the situation and prevent the necessity for continued additions to the currency and the resulting inflation of the kind that has been prominent in the history of the currency of some of the European countries since 1919. [...] The steps taken by the Government of India during that period to assist the recovery of the value of the cUrrency which of course was immensely assisted by the world conditions and by good monsoons in India were first of all to bring about a considerable contraction in the currency by paying off some of the Treasury Bills held in the Paper Currency Reserve and cancelling currency and by cancelli [...] the system of allowing the Imperial Bank to borrow from the Currency Reserve against Hundis was brought into effective operation and the whole of the 12 crores to which figure the maxmum had been raised from five crores by an Act of the Legislature in the summer of 1923 was borrowed The result was satisfactory from the point of view of the busy season of 1924-25 when money was generally ver [...] The needs are subject to the opertion of natural causes but the Government has become the main factor on the question of the reltion of the demand for currency to its supply and until this Commission takes some action in any direction that responsibility rests mainly with the Finance Department of the Government of India and the India Office. [...] Then turning to the possibility of the selection of a lower rate what would the effect of that be upon the population of the. Country taken as creditor and debtor and viewed with particular reference to the wage-earner.

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Royal Commission on Indian Currency and Finance. Minutes of Evidence taken in India before the Royal Commission on Indian Currency and Finance at the Imperial Secretariat - Delhi
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