INDIA’S CURRENCY.
(Received 4, 1.30 p.m.) Bombay, Feb. 3. The report of the Indian Exchange of Currency Committee says that it is unlikely the Indian trade would be permanently injured by the fixing of exchange at a high rate. The Committee recommended that the present rupee remain unchanged in weight and fineness, and that it be replaced on a gold basis with a parity of ten rupees to a sovereign. The Committee consider that if the price of sl ‘ver rises beyond the aforesaid gold parity, the Government should even be prepared to buy sJ?Ver for rupee coinage at a loss rather than allow the convertibility of the note issue to be impaired. The Secretary for India decided to adopt the recommendation concerning Government parity, but as regards the further recommendation, that the importation and exportation of gold be freed from Government control, it has been decided to temporarily retain the control over the export of gold, and during the transitional period the sovereign will remain legal tender at the present ratio of 15 rupees. —(Reuter).
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Hawke's Bay Tribune, Volume X, Issue 45, 5 February 1920, Page 5
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176INDIA’S CURRENCY. Hawke's Bay Tribune, Volume X, Issue 45, 5 February 1920, Page 5
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