154 THE BRITTSH EMPIRE : — INDIA AND DEPENDENCIES
Since 1900, rupees have been coined as required to meet public demands. The entire profit accruing to Government on the coinage up to March 31, 1907, and during the year 1912-13, and half such profit for the years 1907-08 and 1908-09 were placed to the credit of a separate fund termed the Gold Standard Reserve, with the object of ensuring the stability of the currency policy of Government. Any profit arising from this source is at present credited entire to the Gold Standard Reserve. On August 81, 1920, the Reserve amounted to 37,179,138Z.
On July 16, 1861, an Act was passed by the Government of India pro- viding for the issue of a paper currency through a Government department of Public Issue, by means of promissory notes. Circles of issue were established from time to time, as found necessary, and the notes were made legal tender within the circle for which they were issued, and rendered payable at the place of issue, and also at the capital city of the Presidency. Subsequent legislation has relaxed the rigidity of the circle system. Notes of the values of one, two-and-a-half, five, ten, fifty, and a hundred rupees are now legal tender throughout British India, and the limitation of currency to the circle of issue is confined to notes of higher denominations. There are now seven circles' of issue with their headquarters at Calcutta, Bombay, Madras, Rangoon, Cawnpore, Lahore, and Karachi.
Total values of notes in circulation on March 31 in six years, including the notes held in government treasuries and the Presidency banks : — Rs. tts.
1913-14 . . 66,11,75,935 1917-18 . . 99,79.37,599
1915-16 . . 67,73,34,540 1918-19 , 1,53,46,47,790
1916-17 . . 86.37,51,735 1919-20 . 1,74,52,45,960
Banks. — The three Presidency Banks of Bengal, Madras, and Bombay, constituted under the Presidency Banks Act of 1876, act as bankers for the Indian Government.
The following table shows the 'Capital,' 'Reserve,' 'Public and other Deposits,' at the three banks at the close of the calendar year 1919.
-
Bank of Bengal
Bank of Madras
Bank of
!'• 'ill liV
Public Deposits .... Other Deposits . . . . .
£
1,333000
1,333,0001
2,700,000
21,604,000
500,000
300,000
096,000
8,104,000
£
067,000 733,000
1,752,000 18,878,000
1 Includes 167,000*. set aside as a reserve against depreciation of investments.
The number of Joint Stock Companies registered as engaged in banking or loan operations in India on March 31, 1918, was 542. Most of these com- panies consist of societies with a relatively small capital.
Statistics of the Post Office Savings banks for four years : —
1915-16 1916-17
1917-18 1918-19
Depositors
1,660,000 l,f,47,000 1,6:37,000 1.677,000
Balance at end of
Year
Rs.
15,32,12,000
16,59,53,000
16,58,46,000
- , 44,000
