§ Mr. R. GWYNNEasked the Secretary of State for India whether he still maintains that the rupee note is exchangeable on demand, the Government of India's undertaking being to cash notes in rupees; whether his attetion has been called to the speech of Sir James Meston, the Finance Member, as reported in the Pioneer of Allahabad on 6th March last, when he stated that the story of our silver crisis last year was as good as any romance, and that it seemed from week to week an utter impossibility that the Government of India could possibly escape from the suspension of specie payments; and will he state what steps he is taking to avoid such a contingency this year?
§ Mr. MONTAGUIndia currency notes are excusable on demand at the office of issue in the town from which they are issued. Notes of Rest. 100 and under are 375W also excusable at any office of issue. I have seen the report of Sir James Meson's speech mentioned. In reply to the last part of the question, I have been in consultation with the Government of India and propose to appoint a strong Committee to consider and to advise me on the difficult currency and exchange problems which are the legacy of the War.