cover image: Royal Commission on Indian Finance. Minutes of Evidence Taken before the Royal Commission on Indian Finance and Currency

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Royal Commission on Indian Finance. Minutes of Evidence Taken before the Royal Commission on Indian Finance and Currency

1913

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.

government politics public policy
Pages
356
Published in
United Kingdom
SARF Document ID
sarf.147350
Segment Pages Author Actions
Frontmatter
i-ii unknown view
Royal Commission on Indian Finance. Minutes of Evidence Taken before the Royal Commission on Indian Finance and Currency
1-354 unknown view