_), actually withdrawn from circulation on the occasions when the mint recalled them

The existing constitution was framed in times that have passed away, and was intended to be used for purposes very different from the present.

5. and 15,000,000 l.

One expedient is to pay out some of the rupees in the Paper Currency Reserve or in the silver branch of the Gold Standard Reserve, and to pay an equivalent sum into the branches of these reserves which are held in London, “earmarked” at the Bank of England,[53] or in other sterling forms. It has been estimated that the Indian Mints can turn out 2·25 lakhs of rupees per month without overtime, and 4·50 lakhs per month with overtime. The Currency Department publishes figures which show the number of sovereigns withdrawn from the Treasuries each month.

In addition to this the receipts on account of interest on that part which was invested amounted to about £3,250,000, against which is to be set about £1,000,000 depreciation in the value of the investments in October 1912 as compared with their original cost. If the Bank had not made loans to the Government, which we should now think dubious, the Bank would not have existed, for the Government would never have permitted it.

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