§ 4. Mr. GILLETTasked the Under-Secretary of State for India, how it is proposed to raise that part of the new capital for the reserve bank of India which is not being offered to the Imperial Bank?
§ Earl WINTERTONUnder Clause 4 of the Gold Standard and Reserve Bank of India Bill, which is now before the Indian Legislature, it is proposed that the Imperial Bank should be given the option of subscribing three-tenths of the original share capital of the Reserve Bank. The remainder, together with any shares not taken up under this option, would be offered for public subscription.
§ 5. Mr. GILLETTasked the Under-Secretary of State for India, whether, under the new Bill for the establishment of a reserve bank in India, the appointment of the governor and deputy-governor rests in the hands of the Government?
§ Earl WINTERTONYes, Sir.