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Indian Currency and Finance

John Maynard Keynes

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Book Excerpt: 
. . .Government, therefore, did what it could to make the notes useful and popular for purposes other than those of remittance; and it facilitated remittance so far as the proceeds of taxation, accumulating in its treasuries, permitted it to do this without expense. But it shrank from taking upon itself further responsibility. Its practice may be compared with that of the branches of the Reichsbank.

On the other hand, the objections to a policy, which divided the country up for the purposes of paper currency, are also plain. The limitation of the areas of legal tender and of the offices where the notes were encashable on demand greatly restricted the popularity of the notes. It might well have seemed worth while to popularise them, even at the expense of temporary loss. As soon as the public had become[44] satisfied that the notes could be turned into coin readily and without question, their desire to cash them would probably have been greatly diminished. It is n. . . Read More

Community Reviews

This is the first of John Maynard Keynes's books, written back in 1913, and it has little of the flair of his later ones. It is filled with detailed tables of note issues, discussions of "crores" and "lakhs" of rupees, and arguments over how much reserves are kept by the Secretary of State for the C

In his first published book, Lord Keynes provides a critical view to the way finances were run in the early 20th century colonial India. He finds the tendencies of hoarding amongst Indians particularly damaging and openly criticizes the corruption of government officials in India.

He shows Indian pro