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Copy of the Memorandum circulated to* Witnesses in India by the Commission
The following memorandum, indicating the main questions which will come under the consideration of the Royal Commission on Indian Currency and Finance under its terms of reference, is published in order to assist intending witnesses in the preparation of their evidence. It is not to be regarded as exhaustive, nor is it desired that each witness should necessarily attempt to deal with all the questions raised :—
(1) Is the time ripe for a solution of the problems of Indian Currency and Exchange by measures for stabilisation of the rupee or otherwise ?
What is the comparative importance of stability in internal prices and in foreign exchanges ?
What are the effects of a rising and a falling rupee, and
of a stable high or low rupee, on trade and industry
(including agriculture) on national finance ?
(2) In relation to what standard and what rate should the rupee be stabilised, if at all ?
When should any decision as to stabilisation take effect ?
(3) If the rate selected differs materially from the present rate, how should the transition be achieved ?
(4) What measures should be adopted to maintain the rupee at the rate selected ?
Should the Gold Exchange Standard system in force before the war be continued, and with what modifications, if any ?
What should be the composition, size, location, and employment of a Gold Standard Reserve ?
(5) Who should be charged with the control of the note issue, and on what principles ? Should control or management be
*Report of the Royal Commission on Indian Currency and Finance, Vol. III, Appendix 95A, p. 612.