HC Deb 16 April 1923 vol 162 cc1643-4

asked the Under-Secretary of State for India whether his attention has been drawn to a meeting between the Finance Minister of India and certain Bombay merchants in which the Finance Minister expressed himself as opposed to the abolition of the 2s. standard of rupee exchange and the reversion to the 1s. 4d. rate, and foreshadowed the introduction of a Bill into the Indian Legislative Assembly to amend the Currency Act so that 12 crores of emergency currency can be issued against trade bills instead of five crores as at present; and if he will say whether it is the intention of the Government of India to make another attempt to raise the sterling value of the rupee above its present level of about Is. 4d.?


The answer to the first part of the question is in the affirmative. As regards the second part, the view of the Government of India and the Secretary of State is, as was explained by the Finance Member in his Budget statement, that the time has not yet come for a new attempt to fix the rupee, whether at Is. 4d., 1s. 6d., or any other figure.

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