Gold as currency: India should take the lead

.....In the 1920s, when the British sought to pass the Reserve Bank bill in the Legislative Assembly, Indian leaders voted against it. As London’s Financial Times reported in 1927, the intent of setting up the Reserve Bank of India was to provide gold at a rate that would “make it unprofitable for dealers or the public to demand it for non-monetary purposes”. The British wanted to make it an almost impossible task to redeem the rupee for gold by allowing its redemption only in London.......

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