INDIAN CURRENCY

Dominion, Volume 13, Issue 112, 5 February 1920, Page 5

INDIAN CURRENCY

Bombay, February 3. The report of the Indian Exchange and Currency Committee stales that it is unlikely that Indian trade will be permanently injured by fixing the oxchange at a high rate. It recommends that, the rupee shall not be changed in weight and fineness, and that it eha.ll be placed on a gold basis, with a narity of ten rupees to the sovereign, The committee considers that if the -price of silver rises beyond the aforesaid gold parity, the Mint should even be prepared to" buy silver for the coinage of rupees at a loss rather than allow tho convertibility of the note issuo to bo impaired. Tho Secretary for India has decided to adont the recommendation of the gold parity, but as regards a further recommendation that the import and oxport of gold should be freed from Government control, has decided temporarily to retain the control of the export, of gold. During the transitional -period the sovereign will remain legal tender at the present ratio of fifteen rupees to the X.—Renter. London, February 2. Owing to Ihc India Council's decision to stabilise the rupee, Calcutta quotes

the rupee as nominally worth anvthing between 30d. to 3Gd.-Aus.-N.Z. Cablo Assu.