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Report of the Royal Commission on Indian Currency and Finance

1926

(b) The Securities Reserve consisting of the securities for the time being held on that account by the Secretary of State for India in Council and the Governor-General in Council; provided that— (i) the securities held by the Secretary of State shall not be of longer maturity than one year from the date of purchase and (ii) the securities held on behalf of the Governor-General in Council shall b [...] Partly owing to the cessation of the downward movement of world prices in 1923 and 1924 but mainly owing to their control of the local financial situation the Government of India were able (with the help of good monsoons) to take action of a kind which had the natural result of improving the exchange value of the rupee. [...] (iii) The bills shall remain in the custody of the Imperial Bank of India as securities held on behalf of the Currency Department and shall if the Controller of the Currency so requires be endorsed by the Bank to the Controller. [...] The transfer of the treasury business to the Bank at all places where there are branches of th Imperial Bank led firstly to the abolition of the Reserve treasuries and secondly to a larger proportion of Government balances being placed at the disposal of the Bank for assistance to the money market. [...] In view of the extensive use in India of the precious metals as a store of value due largely to the inadequacy of the facilities for the disposal of savings in a manner which will enable them to be used productively the Babington-Smith Committee recommended the extension of the activities of the newly amalgamated Bank by the active pursuit of the policy of opening new branches.
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Appendies
17-631 unknown view
Index to the Report of the Royal Commission on Indian Currency and Finance
1-63 unknown view

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