INDIAN CURRENCY

Dominion, Volume 13, Issue 110, 3 February 1920, Page 7

INDIAN CURRENCY

GOVERNMENT ACTION TO BE TAKEN. , (Rcc. February 2, 5.5 p.m.) • London, February 1. The India Office announces the acceptance of the Departmental Committee's recommendations concerning the rupee as the goal to which ludiau currency policy should be directed. Accordingly the Indian Government henceforth will, buy gold from pronto importers at the rntio of ten rupees to the sovereign, but owing to tlio present ligli commercial price of gold in India and tho necessity of avoiding a shock to India's economic and monetary system, adjustment of the new conditions must bo gradual and therefore" the sovereign will provisionally remain legal tender throughout India at tlio present fixed ratio of fifteen rupees. : ["A Departmental committee, which "inquired into tho effect of the war oil Indian currency, recommended stabilising tho relation of the rupee to gold at ten to tlio sovereign, retaining the rupee's present weight and fineness, restoring tlio excliango valuo abovo bullion value.] (Rec. February 2, 11.35 p.m.) Allahabad, February s 1. Tho Indian Currency Committee recommends t/hat the rupee be stablised at 25., and that tho prohibition of the import and export of silver and gold be removed—Aus.-N.Z. Cablo Assit.