HC Deb 18 October 1949 vol 468 c481
46. Sir J. Mellor

asked the Chancellor of the Exchequer in what form the sterling balances of India are held in the United Kingdom; and what rate of interest is paid or credited.

Sir S. Cripps

The sterling balances of India, which include the holdings of commercial banks and other commercial and private holders as well as those of the Government of India and the Reserve Bank of India, are in the form of bank balances and holdings of short-term and other debt, such as Treasury Bills and British Government or other securities. In so far as the obligations held by Indian institutions or residents are those of His Majesty's Government, the interest at present payable on the holdings is at the rate current for each type of debt.