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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 bank was later closed by order of Emperor Haile Selassie, who paid compensation to its shareholders, and replaced it with the Bank of Ethiopia in 1932, fully owned by the Ethiopian government, with £750,000 in capital. [3] It was established in accord with the Egyptian concession of 30 May 1905. [16] [17]
The British India banknotes of King George V were also printed in England. In 1928, the India Security Press at Nasik became functional and took over from the Bank of England Press the printing of notes. In 1935, the Reserve Bank of India was established, and since then it has been the only currency-issuing authority and monetary agency for ...
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 .
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]
Due to its ancient history as a trading zone and later its colonial status, colonial India remained economically integrated with the world, with high levels of trade, investment and migration. [ 14 ] From 1850 to 1947, India's GDP in 1990 international dollar terms grew from $125.7 billion to $213.7 billion, a 70% increase, or an average annual ...
However, the lingering effects of the 1984-85 drought undercut these achievements and contributed to the economy's overall stagnation. [1] During the 1985-90 period, the current account deficit and the overall fiscal deficit worsened to annual rates of 10.6 and 13.5 percent, respectively, and the debt service ratio continued to climb. [1]
A number of historians point to the colonization of India as a major factor in both India's deindustrialization and Britain's Industrial Revolution. [1] [2] [3] The capital amassed from Bengal following its 1757 conquest helped to invest in British industries such as textile manufacture during the Industrial Revolution as well as increase British wealth, while contributing to ...