§ 4. Mr. T. SMITH(for Mr. RHYS DAVIES) asked the Secretary of State for India, whether he will advise the Government of India to consider the adisability of reviewing the working of the Provincial Loans Fund in order to enable local governments to embark upon conversion operations?
Major DAVIESThe administration of the Provincial Loans Fund is in the hands of the Government of India, to whom it is always open to the Provincial Governments to make representations regarding any point on which the rules of the fund appear capable of improvement. Arrangements have already been made which had the effect of reducing in certain cases the rate of interest chargeable on certain advances taken through the fund.