§ Major POLEasked the Secretary of State for India the amount of India's War gift to Great Britain in 1917–18, and the annual and total liability on Indian revenues on account of interest and sinking fund Services in respect of this gift?
§ Mr. BENNThe amount was £100,000,000. Of this liability £77,250,000, approximately, was extinguished by the transfer to His Majesty's Government of the proceeds of Indian loans. The balance of about £22,750,000 was discharged by the assumption of responsibility for British War Loan of that amount. The following table shows the interest payments made, the amounts redeemed, and the outstanding liability:
426WProgress of Redemption of the Liability undertaken by India in respect of the British War Loan, 1929–47, and interest payments thereon.
£ s. d. Total liability undertaken 100,000,000 0 0 Extinguished by transfer of proceeds of Indian Loans. 77,284,000 0 0 £22,716,000 0 0
Year. Amount redeemed by Sinking Fund Payments Interest Payments. £ s. d. £ s. d. 1917–18 868,592 6 6 3,340,132 8 4 1918–19 — 1,603,982 4 10 1,078,754 0 5 1919–20 569,395 0 4 789,064 12 10 605,467 13 1 1920–21 572,655 13 10 1,063,900 12 8 1921–22 506,008 17 1 1,035,267 17 0 1922–23 491,400 9 10 1,009,967 8 2 1923–24 442,050 1 1 985,397 7 8 1924–25 459,535 7 0 963,294 17 6 1925–26 486,550 14 11 940,318 2 2 1926–27 512,009 8 8 915,990 11 4 1927–28 531,629 1 6 890,390 2 0 1928–29 555,169 16 10 863,808 13 0 1929–30 (to 7th February, 1930). — 836,050 3 2 5,994,996 17 7 Liability outstanding £16,721,003 2 5