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The Paper Currency Act, 1861 gave the Government of India the exclusive right to print and circulate banknotes and thereby abolishes the printing and circulation of banknotes by the private Presidency Banks. Until the establishment of the Reserve Bank of India on 1 April 1935, the Government of India continued to print and issue banknotes. [2] [3]
The economic history of Nigeria falls into three periods. They are the: pre-colonial, the colonial and the post-colonial or independence periods. [1] The pre-colonial period covers the longest the part of Nigerian history. The colonial period covers a period of 60 years, 1900-1960 while the independence period dates from October 1, 1960.
The Anglo-Egyptian Bank and the National Bank of South Africa gave birth to Barclays Bank in Nigeria. In 1948, the British and French Bank for Commerce and Industry started operations in Nigeria, which metamorphosed into the United Bank for Africa. [3] The first domestic bank In Nigeria was established in 1929 and called the Industrial and ...
The General Bank of Bengal and Bihar; The Bank of Hindostan, which had been set up by the Alexander and Co. agency house; The East India Company, which then ruled over large parts of India, wanted to take away this power of issuing banknotes from the commercial banks, as a result of which The Paper Currency Act, 1861 was enacted into law. [2]
In India the earliest paper money was issued by Bank of Hindostan (1770– 1832), General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91). [ 109 ] The use of banknotes issued by private commercial banks as legal tender has gradually been replaced by the issuance of bank notes authorized and controlled by national governments.
The Colonial Office and Nigeria, 1898–1914. Hoover Institution Press, 1985. ISBN 0-8179-8141-1; Dike, K. O. "John Beecroft, 1790—1854: Her Brittanic Majesty's Consul to the Bights of Benin and Biafra 1849—1854" Journal of the Historical Society of Nigeria 1#1 (1956), pp. 5–14, online
The Agra and United Service Bank Limited; The Asiatic Banking Corporation; The Bank of China; The Bank of Hindustan, China and Japan; The Chartered Bank; The Chartered Bank of India, Australia and China
Colonial India was the part of the Indian subcontinent that was occupied by European colonial powers during and after the Age of Discovery. European power was exerted both by conquest and trade, especially in spices .