The Problem Of The Rupee

· Otbebookpublishing
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Excerpt: "It is alleged sometimes that India does not want gold coins. I feel considerable difficulty in believing that gold coins of suitable size would not be convenient in a country with the climate and other circumstances of India. The allegation is suspiciously like the old allegation that the "Englishman prefers gold coins to paper," which had no other foundation than the fact that the law prohibited the issue of notes for less than £5 in England and Wales, while in Scotland, Ireland, and almost all other English-speaking countries notes for £1 or less were allowed and circulated freely. It seems much more likely that silver owes its position in India to the decision which the Company made before the system of standard gold and token silver was accidentally evolved in 1816 in England, and long before it was understood: and that the position has been maintained not because Indians dislike gold, but because Europeans like it so well that they cannot bear to part with any of it."

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5.0
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ravi kochale
May 18, 2025
very nice
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About the author

Bhimrao Ramji Ambedkar; 14 April 1891 – 6 December 1956), venerated as Babasaheb ([bʌbəsɑheb]), was an Indian jurist, economist, politician and social reformer, who inspired the Dalit Buddhist movement and campaigned against social discrimination towards the untouchables (Dalits). He was British India's Minister of Labour in Viceroy's Executive Council, Chairman of the Constituent Drafting committee, independent India's first Minister of Law and Justice, and considered the chief architect of the Constitution of India. Ambedkar was a prolific student, earning doctorates in economics from both Columbia University and the London School of Economics, gaining reputation as a scholar for his research in law, economics and political science. In his early career, he was an economist, professor, and lawyer. His later life was marked by his political activities; he became involved in campaigning and negotiations for India's independence, publishing journals, advocating political rights and social freedom for Dalits, and contributing significantly to the establishment of the state of India. In 1956, he converted to Buddhism, initiating mass conversions of Dalits. In 1990, the Bharat Ratna, India's highest civilian award, was posthumously conferred upon Ambedkar. Ambedkar's legacy includes numerous memorials and depictions in popular culture.

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