HC Deb 10 June 1903 vol 123 c447

I beg to ask the Secretary of State for India whether, in view of the fact that dividends on Indian Government Rupee Stock enfaced for payment at the Bank of England are paid by means of drafts in rupees on India, he will consider the advisability of offering to holders of stock the alternative of receiving cash payment in sterling at the rate of exchange of the day, thus saving the investor delay in obtaining his dividends, which now acts as a deterrent to investments in Indian Rupee Stock.


The matter has been carefully considered. I am informed that the interest drafts on Rupee Stock can be cashed at the current rate of exchange without difficulty or delay in the ordinary course of banking business, and such being the case I see no reason for altering a system which seems to work well and without trouble to the stockholders.