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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]
From the 1st century CE to the start of British colonization in India in the 17th century, India's GDP varied between 25% and 35% of the world's total GDP, [13] more than all of Europe combined. [6] It dropped to 2% by the time Britain departed India in 1947. [ 14 ]
Just a few years before the Independence of India, the Reserve Bank of India Act, 1934 was passed which effectively repealed The Paper Currency Act, 1861. From now onwards, the Reserve Bank of India became the sole issuer of banknotes in India.
The East India Company officers lived lavish lives, the company finances were in shambles, and the company's effectiveness in India was examined by the British crown after 1858. As a result, the East India Company lost its powers of government and British India formally came under direct Crown control, with an appointed Governor-General of ...
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]
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 ...
The Derg government relocated numerous Amharas into southern Ethiopia where they served in government administration, courts, and even in school, where Oromo texts were eliminated and replaced by Amharic. [119] [120] [121] The government perceived the various southern minority languages as hindrances to Ethiopian national identity expansion. [122]
Although ancient India had a significant urban population, much of India's population resided in villages, whose economies were largely isolated and self-sustaining. [citation needed] Agriculture was the predominant occupation and satisfied a village's food requirements while providing raw materials for hand-based industries such as textile, food processing and crafts.