Currency Policy.

Oral Answers to Questions — India. – in the House of Commons at on 29 March 1920.

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Photo of Mr Thomas Bennett Mr Thomas Bennett , Sevenoaks

94.

asked the Secretary of State for India if he has any information showing that the currency policy recently adopted by the Government of India is stifling the export trade of that country?

Photo of Mr Herbert Fisher Mr Herbert Fisher , Combined English Universities

The introduction of the new policy which owing to the low level of the American exchange in February entailed a steep rise in the sterling exchange value of the rupee, was, not unnaturally, attended by considerable dislocation in Indian trade. But the Secretary of State has no information to suggest that the export trade is suffering to the extent that would be implied by the last words of the question. The situation is being carefully watched and recent indications point to a material improvement in the position.