§ 1. Colonel WEDGWOODasked the Under-Secretary of State for India 1794 whether any estimate can be given of the loss in which the Indian Government was involved in 1920 by the purchase of reverse council drafts for the purpose of maintaining the rupee exchange at 2s.; on what date reverse council drafts ceased to be so purchased; and whether any minute of the Council exists directing that such purchases were to be suspended?
§ The UNDER-SECRETARY of STATE for INDIA (Earl Winterton)I am sending to the right hon. and gallant Member copy of a question and answer in the Indian Legislative Assembly, together with a memorandum on the subject. Sales of reverse drafts were suspended as from 29th September, 1920. It is hardly necessary to add that this policy was approved by the then Secretary of State.
§ Earl WINTERTONI think so. There may be technical difficulties in the way, but in any case it will be in the Library.
§ 2. Colonel WEDGWOODasked the Under-Secretary of State for India whether there has been any exceptional purchase of council drafts during the last six months as compared with the corresponding months of last year; and whether such purchases are authorized by the Council and the Secretary of State before they take place?
§ Earl WINTERTONThere have been no sales of council drafts in the last six months. The total gross remittances from India in the six months from 1st June last amounted to £28,391,500, as compared with £25,774,300 in the corresponding period of last year. Remittance operations are conducted in accordance with policy authorised by the Secretary of State.