BAN ON STERLING CONVERTIBILITY
VALIDITY OF INDIAN AGREEMENT
(Rec. 7 p.m.) NEW DELHI. August 22. The Finance Minister of the Dominion of India (Mr Shanjnukhan Chetty) said the British decision on (he suspension of convertibility did not abrogate or repudiate India’s agreement with Britain on sterling balances.
India, as the largest holder of sterling balances, was interested in maintaining and strengthening the position of sterling. “While we shall respond to Britain’s appeal to limit dollar expenditure, we feel certain that in practice we shall be in a position to obtain our essential 1 dollar needs,” Mr Chetty said. India’s accumulated sterling balances should not be regarded as available on any large scale for meeting India’s current consumption, but as a reserve of additional foreign exchange, to be used for the country’s economic development and obtaining necessary capital equipment for that purpose. Mr Chetty said that India herself would decide what were essential and unessential imports. The United Kingdom could not dictate what were essential articles for India’s economy.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19470825.2.74
Bibliographic details
Press, Volume LXXXIII, Issue 25271, 25 August 1947, Page 7
Word Count
168BAN ON STERLING CONVERTIBILITY Press, Volume LXXXIII, Issue 25271, 25 August 1947, Page 7
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in