Absorption of Rupees in India

FROM the reply by Sir James Meston to the Hon’ble Mr. Shukul at the meeting of the Imperial Legislative Council it appears that the demand for rupees is continuing and the difficulty of encashing currency notes in the treasuries has not ceased. The mints in India are continuing to work at high pressure and over 8 crores of rupees were coined in December alone. The amount of silver purchased by the Government during the current year will be worth nearly 60 crores. We hope that the proposed gold mint will be established soon and the issue of sovereigns will be commanded as early as possible. Note circulation has been increased so rapidly that it has created an abnormal craving for silver coins and has raised the price of commodities.