History of Indian Currency: The Herschell Committee

Lord Herschell (used with permission of NPG, London)

The Herschell Committee on Indian Currency, appointed in 1892, was the first of five Committees which examined India‚Äôs currency question. The other four were the Fowler, and Babington-Smith Committees, and the Chamberlain, and Hilton Young Commissions. Prior to this, the Mansfield Commission had in October 1866 submitted a brief report on implementation of the Paper Currency Act 1861. There have also been various minutes on the subject. These includes minutes of James Wilson, the first Finance Member, Sir William Mansfield (later Lord Sandhurst), George Dickson, Secretary to the Bank of Bengal, and others. We will cover there in different parts. In the first part of this series, we discuss the Herschell Committee, which submitted its report in 1893. Continue reading “History of Indian Currency: The Herschell Committee”

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