§ MR. J. M. MACLEAN (Cardiff)I beg to ask the Secretary of State for India, whether under the scheme of the Currency Commissioners sovereigns will be a legal tender in India at all places and for all sums down to the value of £1 or only at certain specified centres of trade and for considerable amounts; and whether in ordinary inland mercantile transactions sovereigns will be exchangeable against rupees in a fixed ratio, or, as they are now, at a frequently varying valuation in the open market.
§ LORD G. HAMILTONThe proposal of the Indian Currency Committee is that the sovereign shall be made a legal tender and current coin in India; and they make no recommendation that this shall be restricted to certain specified centres of trade or to considerable amounts. If the sovereign is declared by law to be legal tender at a fixed ratio, it will be open to any debtor in any part of India to discharge his debt in sovereigns at that ratio.