4. And especially under the first three heads of the Commission's Reference ; that is to say the location and management of the general balances of the Government of India ; the sale of exchange bills and transfers ; and the methods adopted since 1899 for the maintenance of the exchange value of the rupee with particular reference to the gold standard and paper currency reserves P—I have handed [...] To the best of my belief the Government of India has no relation with any banks other than the Presidency banks except of course that when an exchange hank presents a bill of exchange which the Secretary of State has sold then it is the business of the Goverme►t of India to meet it ; but subject to that I do not think the Government of India has any relations with any other banks. [...] I think it would be useful to the Commission if we could have a summary of the history of the relation of the Government of India with the Presidency banks ?—I have noted down what I think are the most important fac4-s. [...] They had certain shares not a very large amount of shares in the Bank of Bengal and similarly in the Bank of Bombay and the Bank of Madras and they had government directors ; in the Bank of Bengal there were three government directors and six ordinary directors and I think that was also the case in the Bank of Bombay ; so that on the one hand they would have a great share in managing the bank [...] As I understand pair meaning it is that the Government of India has placed to the credit of the provincial government a certain portion of the balance standing to its own credit; it has given to the provincial government the right to draw that money when that government pleases ?—That is so.
- Pages
- 356
- Published in
- United Kingdom
- SARF Document ID
- sarf.147350