MONEY, WEK^IinS, AND MEASURES
1G3
Crovcrnnient duos at the rate of fifteen rupees for a sovereign and seven and a half rupees for a half-sovereign, and (3) for the issue of currency notes in Calcutta and Bombay in exchange for gold coin or gold bullion at the rate of one Government rupee for Iv. 'id. Proposals were made by the Government of India in March, 1898, for steps towards a gold standard for India on the basis of 16d. the rupee, and these projwsals have been referred by the Secretary of State for India to a committee in London. On July 16, 1861, an Act was passed by the Government of India pro- viding for the issne of a paper currency through a Government department of Public Issue, by means of promissory notes. Circles of issue were established from time to time, as found necessary, and the notes were made legal tender within the circle for which they were issued, and rendered paya])le at the pK'K^e of issue, and also at the capital city of the Presidency. There are now eight circles of issue, each of which gives in exchange for money notes ranging from 5 rupees to 10,000 rupees in value. In the year ending March 31, 1863, the total value of notes in circulation was 49,260,000 rupees. The following were the total values of notes in circulation (in tens of rupees) on INIarch 31 in each year, from 1893 to 1898 : —
1893 1894 1895
Rx. 26,401,820 30,411,631 30,700,010
1896 1897 1898
Rx. 25,940,699 23,753,307 24,760,049
Nearly two-thirds of the total note circulation is in the currency circles of Calcutta and Bombay. The following are the statistics of the various Government Savings banks in India for five years. These banks were divided into Railway banks (12), Forest Officers' Provident Fund ^3), Post Office banks (6,420), and Military banks (161) in 1896-97 :—
Banks Native Depositors European or Eurasian Depositors Total No. of accounts Balance at end of Year No. of accounts Balance at end of Year Depositors Balance at end of Year 1892-93 1893-94 1894-95 1895-96 1896-97 6,594 6,544 6,564 6,520 6.596 507,510 558,528 594,914 629,625 663,157 Rx. 7,854,424 8,330,484 8,473,417 8,718,286 8,979,862 80,841 86,130 88,295 86,029 79,078 Rx. 1,920,231 1,991,976 2,061,600 2,402,9(56 1,906,929 588,351 644,658 683,209 716,554 742,215 Rx. 9,774,(555 10,322,460 10,535,017 11,121,252 10,886,971
Money, Weights, and Measures. The money, weights, and measures of India, and the Ih'itish ecpiivah^nts, are nominally : —
Tlie Pic . 3 „ . . . 4 Pier, or 12 Pie 16 Annas 15 Rupees = 1 Pice = 1 Anna = 1 Jtupee . = 1 Gold Mohur . = h Farthing = 1^ Farthings — 1 \ Pence. = 2 Shillings. = 1^. 12s. M 2
