Indian Currency Committee

The Indian Currency Committee or Fowler Committee was a government committee appointed by the British-run Government of India on 29 April 1898 to examine the currency situation in India.[1] Until 1892, silver was the metal on which Indian currency and coinage had largely been based. In 1892, the Government of India announced its intent to "close Indian mints to silver" and, in 1893, it brought this policy into force.[2] The committee recommended that the official Indian rupee be based on the gold standard and the official exchange rate of the rupee be established at 15 rupees per British sovereign, or 1 shilling and 4 pence per rupee.[2] The British Imperial Government accepted the recommendations of the commission in July 1899.[2]

"Fowler Committee" redirects here. It is not to be confused with Fowler Commission.

The action of the government in abandoning silver coinage was driven by the relative decline of the value of silver against gold, which had led to an accompanying decline of the rupee against gold and gold-based currencies (such as the British sovereign).[3] India had been importing about a quarter of the annual global production of silver, in part to meet its currency issuing requirements.[4] Some commentators noted that silver was gradually being globally discarded as a basis of currency, with only three main remaining supporters: Mexico (a major producer of silver), the United States, and India.[4] With India's move to the gold standard, the silver standard lost a significant supporter.[4]

Miscellaneous

The committee was chaired by Sir Henry Fowler (later Viscount Fowler), and was often referred to as the Fowler Committee.[5] Its final recommendation was also referred to as the Fowler Report.[6]

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gollark: ```Structured Markup Processing Tools html — HyperText Markup Language support html.parser — Simple HTML and XHTML parser html.entities — Definitions of HTML general entities XML Processing Modules xml.etree.ElementTree — The ElementTree XML API xml.dom — The Document Object Model API xml.dom.minidom — Minimal DOM implementation xml.dom.pulldom — Support for building partial DOM trees xml.sax — Support for SAX2 parsers xml.sax.handler — Base classes for SAX handlers xml.sax.saxutils — SAX Utilities xml.sax.xmlreader — Interface for XML parsers xml.parsers.expat — Fast XML parsing using Expat```... why.
gollark: There is no perfect language.
gollark: ```Internet Data Handling email — An email and MIME handling package json — JSON encoder and decoder mailcap — Mailcap file handling mailbox — Manipulate mailboxes in various formats mimetypes — Map filenames to MIME types base64 — Base16, Base32, Base64, Base85 Data Encodings binhex — Encode and decode binhex4 files binascii — Convert between binary and ASCII quopri — Encode and decode MIME quoted-printable data uu — Encode and decode uuencode files```Mostly should be libraries outside of the python core, and why are they not under file formats?
gollark: ```Concurrent Execution threading — Thread-based parallelism multiprocessing — Process-based parallelism The concurrent package concurrent.futures — Launching parallel tasks subprocess — Subprocess management sched — Event scheduler queue — A synchronized queue class _thread — Low-level threading API _dummy_thread — Drop-in replacement for the _thread module dummy_threading — Drop-in replacement for the threading module```Not THAT bad, since they mostly do different things.

References
  1. M. Anees Chishti (2001), Committees and commissions in pre-independence India 1836-1947, Volume 3, Mittal Publications, ISBN 978-81-7099-803-7, ... The Indian Currency Committee was appointed by the Royal Warrant of 29 April 1898 ... by the closing of the Indian Mints to what is known as the free coinage of Silver ...
  2. "India: The Currency Question", The West Australian, 31 July 1899, ... London, July 29 ... The Imperial Government have ... adopted the recommendations of the Indian Currency Committee ... proceed to the establishment of a gold currency ... legal rate at which rupees are to exchange with gold be fixed at 1s. 4d. per rupee or 15 rupees to the sovereign ...
  3. Thomas Nixon Carver (1893), The place of abstinence in the theory of interest, Geo. H. Ellis, ... the Indian government suggested as early as March 1892, the adoption of some measures towards checking the decline in the gold value of the rupee ...
  4. "The Indian Gold Standard", The Edinburgh Review: Or Critical Journal, A. Constable, 188, October 1898, ... in the estimation of civilized nations silver had definitely been excluded ... the third, and main, great ally of silver was India ... India was buying on an average about a quarter, and the United States rather more than a third of the silver production of the entire world ...
  5. Indian Currency Committee (1898), Minutes of Evidence Taken Before the Committee Appointed to Inquire Into the Indian Currency: Together with an Analysis of the Evidence, Eyre and Spottiswoode, ... The Right Hon. Sir H.H. Fowler, M.P., Chairman, Indian Currency Committee ...
  6. Alleyne Ireland (1907), The province of Burma: a report prepared on behalf of the University of Chicago, Houghton, Mifflin and company, ... the Report of the Indian Currency Committee of 1898 (generally known as the Fowler Report) ...


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