Page:Statesman's Year-Book 1921.djvu/205

 MONET AND CREDIT

153

thereof. The heaviest coinage in any one year was struck in 1918-19. The value of money coined at the Calcutta and Bombay Mints in the last five years was as follows :-

1916 1917 1918 1919

Rs. Rs.

1,62,02,199 4,79,390

32,32,79.270 30,35,195

24.81,62,344 46,66,745

52,21,19,625 1,58,59,152

43,750 20,000

Rs.

1,83,900

7,06,556

20,83.600

21,83,550

1S20 38,00,77,755 2,50,24,650 2.500 | 32,96,281

Rs. 1,68,65,489 32,70,64,771 26,49,32,690 54.«»1, 62,3-27 40,84,01,192

An Act providing for the closing of the Indian Mints to the unrestricted coinage of silver for the public was passed in 1893. Provision was made (1) for the receipt of gold coin and bullion at the Mints in exchange for rupees at a ratio of Is. id. per rupee ; (2) for the receipt of sovereigns and half-sovereigns in payment of Government dues; and (3) for the issue of currency notes in Calcutta and Bombay in exchange for gold coin or bullion. By a Notification of the 11th September, 1897, sovereigns and half-sovereigns were also received at the Reserve Treasuries, at the rate of Rs. 15 for the sovereign.

An Act (XXII. of 1899) declared the sovereign legal tender, 15 rupees to the sovereign. No gold was coined in India down to 1917, but the question of such coinage was examined by a Royal Commission appointed in 1912. The recommendations made by the Royal Commission are under the con- sideration of the Government of India. In view of the strain imposed by war conditions on India's metallic money, a branch of the Royal Mint wa-> established at Bombay, at the end of 1917, for coining into sovereigns the gold bullion and foreign coin received into the Paper Currency Reserve, in order to make the metallic part of this Reserve available as legal tender. Power was also taken by legWation for the coining in India of a 15-rupee gold coin (gold mohur), of the same size, weight, and fineness as the sovereign, and a number of these coins was struck at the Bombay Mint from May to August 1918. Sovereigns were minted between August and December 1918, but since April 1919 the Branch Mint has been closed.

Owing, however, to the rise in the value of the rupee, which began in 1917, it was decided early in 1920 to fix its value, after a transitional period, at Rs. 10 to the gold sovereign, in accordance with the recom- mendations of the Indian Currency Committee (1919). By a communi<|ue dated the 2nd February, 1920, the Finance Department Notification of the 11th September, 1897, mentioned abn-e, and a notification dated 11th December, 1906, authorising the receipt of sovereigns and half sovereigns at the Mints, were cancelled. Bills were passed in September. 1920, amending the Indian Coinage and Paper Currency Acts and fixing the legal tender value of the sovereign and half sovereign at Rs. 10 and Rs. 5 respectively.

The Coinage Act of 1906 provided for the introduction of a subsidiary nickel one-anna piece and the substitution of a bronze currency for the existing copper coins. The coinage of copper was accordingly discontinued with effect from August 1, 1906. The issue of the nickel one-anna piece was commenced with effect from August 1, 1907. In the Indian Coinage Amendment Act of 1918 (IV. of 1918), provision was made for the coinage of a new nickel two-anna piece, and coins of this denomination were issued from April, 1918. The issue of four-anna and eight-anna nickel pieces was authorised by the Indian Coinage (Amendment) Act, 1919 (XXI. of 1919).