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Board Of Commissioners Of Currency Of Ceylon
The Board of Commissioners of Currency of Ceylon was the currency board of the British colony of Ceylon which functioned from 1884 to 1950, when its functions were transferred to the Monitory Board of the Central Bank of Ceylon. It was established under the ''Paper Currency Ordinance of 1884'' following the 1884 Ceylonese banking and monetary crisis. The currency board issued currency notes in exchange of Indian silver rupee, ensuring a 100% reserve, taking over the issuing of bank notes from the local exchange banks. The Board of Commissioners consisted of the Colonial Secretary of Ceylon, the Treasurer of Ceylon, and the Auditor-General of Ceylon. References {{British Ceylon period topics British Ceylon Currency Board In public finance, a currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchan ... 18 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Rupee
The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. Etymology The immediate precursor of the rupee is the ''rūpiya''—the silver coin weighing 178 grains minted in northern India by first Sher Shah Suri during his brief rule between 1540 and 1545 and adopted and standardized later by the Mughal Empire. The weight remained unchanged well beyond the end of the Mughals until the 20th century. Though Pāṇini mentions (), it is unclear whether he was referring to coinage. ''Arthashastra'', written by Chanakya, prime minister to the first Maurya ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Board
In public finance, a currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate target. In colonial administration, currency boards were popular because of the advantages of printing appropriate denominations for local conditions, and it also benefited the colony with the seigniorage revenue. However, after World War II many independent countries preferred to have central banks and independent currencies. Although a currency board is a common (and simple) way of maintaining a fixed exchange rate, it is not the only way. Countries often keep exchange rates within a narrow band by regulating balance of payments through various capital controls, or though international agreements, among other methods. Thus, a rough peg may be maintained without a currency board. Features of "orthodox" currency boards The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Ceylon
British Ceylon ( si, බ්රිතාන්ය ලංකාව, Britānya Laṃkāva; ta, பிரித்தானிய இலங்கை, Biritthāṉiya Ilaṅkai) was the British Crown colony of present-day Sri Lanka between 1796 and 4 February 1948. Initially, the area it covered did not include the Kingdom of Kandy, which was a protectorate, but from 1817 to 1948 the British possessions included the whole island of Ceylon, now the nation of Sri Lanka. History Background Before the beginning of the Dutch governance, the island of Ceylon was divided between the Portuguese Empire and the Kingdom of Kandy, who were in the midst of a war for control of the island as a whole. The island attracted the attention of the newly formed Dutch Republic when they were invited by the Sinhalese King to fight the Portuguese. Dutch rule over much of the island was soon imposed. In the late 18th century the Dutch, weakened by their wars against Great Britain, were co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Ceylon
The Central Bank of Sri Lanka ( CBSL; si, ශ්රී ලංකා මහ බැංකුව, Sri Lanka Maha Bankuwa) is the monetary authority of Sri Lanka. It was established in 1950 under the Monetary Law Act No.58 of 1949 (MLA), it is a semi-autonomous body, and following the amendments to the MLA in December 2002, is governed by a five-member Monetary Board, comprising the Governor as chairman, the Secretary to the Ministry of Finance and Planning, and three members appointed by the President of Sri Lanka, on the recommendation of the Minister of Finance, with the concurrence of the Constitutional Council. History The Central Bank of Sri Lanka was established in 1950, two years after independence. The founder governor of the Central Bank of Sri Lanka was John Exter, while the minister of finance at the time was J. R. Jayewardene. Under the former name of Central Bank of Ceylon, it replaced the Currency Board that until then had been responsible for issuing the country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1884 Ceylonese Banking And Monetary Crisis
Events January–March * January 4 – The Fabian Society is founded in London. * January 5 – Gilbert and Sullivan's ''Princess Ida'' premières at the Savoy Theatre, London. * January 18 – Dr. William Price attempts to cremate his dead baby son, Iesu Grist, in Wales. Later tried and acquitted on the grounds that cremation is not contrary to English law, he is thus able to carry out the ceremony (the first in the United Kingdom in modern times) on March 14, setting a legal precedent. * February 1 – ''A New English Dictionary on historical principles, part 1'' (edited by James A. H. Murray), the first fascicle of what will become ''The Oxford English Dictionary'', is published in England. * February 5 – Derby County Football Club is founded in England. * March 13 – The siege of Khartoum, Sudan, begins (ends on January 26, 1885). * March 28 – Prince Leopold, the youngest son and the eighth child of Queen Victoria and Prince A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coins Of British India
British trading posts in the Indian subcontinent were first established by the East India Company (EIC) early in the seventeenth century, which quickly evolved into larger colonies covering a significant part of the subcontinent. Early settlements or factories included Machilipatnam, Masulipatnam (1611) and Madras (1640) in the south, Surat (1612) in the west, and modern-day Kolkata (1698–99) in the east.Gupta, P. L. (1996). ''Coins'', New Delhi: National Book Trust, , pp.199–219. These colonies gave rise to Madras Presidency, Bombay Presidency, and Bengal Presidency, and each Presidency had a separate coinage and monetary system. In time, the EIC adopted a unified system of coinage throughout all British possessions in India and the older Presidency system was discontinued. After the Indian Rebellion of 1857, control of EIC territories passed to the British Crown.Fred Pridmore (1980). ''The Coins of the British Commonwealth of Nations (to the end of the reign of George VI, 195 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Note
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks or monetary authorities. National banknotes are often – but not always – legal tender, meaning that courts of law are required to recognize them as satisfactory payment of money debts. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment. This practice of "backing" notes with something of substance is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Colonial Secretary Of Ceylon
The Chief Secretary of Ceylon, was the Chairman and one of three officers of state of the Board of Ministers of the State Council of Ceylon from 1932 to 1947. The post succeeded that of ''Colonial Secretary'' which was one of six offices that held a seat in the Executive Council of Ceylon until 1932. The established under in 1932 by the Order in Council, following the recommendations of the Donoughmore Commission, vested the subjects of External Affairs, Defence and the Public Services of the Crown Colony of Ceylon under the Chief Secretary, who served as the Officer Administering the Government in the abases of the Governor. As such Chief Secretary was third in the order of precedence after the Governor of Ceylon and the Chief Justice. The Chief Secretary was assisted by a Deputy Chief Secretary and two Assistant Chief Secretaries. Appointments were made from senior officers of the Colonial Service. The post ceased to exist in 1947 with the formation of the Dominion of Ceyl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasurer Of Ceylon
The Financial Secretary of Ceylon was an officer of the Ceylonese Government and member of the Board of Ministers. The Treasurer of Ceylon was one of six offices that held a seat in the Executive Council of Ceylon from 1809 to 1932. The post was replaced by the that of Financial Secretary in 1932, as one of three officers of state of the new Board of Ministers that replaced the Executive Council under recommendations of the Donoughmore Commission The Donoughmore Commission (DC) was responsible for the creation of the Donoughmore Constitution in effect between 1931–47 in Ceylon (now called Sri Lanka). In 1931 there were approximately 12% Ceylonese Tamils, 12% Indian Tamils (migrant an .... The Financial Secretary was in turn replaced by the new office of the Ministry of Finance (Sri Lanka), Minister of Finance in 1947 under the recommendations of the Soulbury Commission under the Ceylon Independence Act, 1947 and The Ceylon (Constitution and Independence) Orders in Counci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditor General Of Sri Lanka
The Auditor General of Sri Lanka ( Sinhala: ශ්රී ලංකා විගණකාධිපති ''Śrī Laṃkā viganakādhipathi''; Tamil: இலங்கை கணக்காய்வாளர் தலைமை) is appointed by the President to aid accountability by conducting independent audits of government operations. These audits provide members of Parliament with objective information to help them examine the government's activities and hold it to account. According to the constitution, the Auditor General is empowered to audit the accounts of all departments of Government, the Offices of the Cabinet of Ministers, the Judicial Service Commission, the Public Service Commission, the Parliamentary Commissioner for Administration, the Secretary-General of Parliament and the Commissioner of Elections, local authorities, public corporations and business or other undertakings vested in the Government under any written law. The Auditor General of Sri Lanka is the head ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Sri Lanka
The free-market economy of Sri Lanka was worth $84 billion by nominal gross domestic product (GDP) in 2019 and $296.959 billion by purchasing power parity (PPP). The country had experienced an annual growth of 6.4 percent from 2003 to 2012, well above its regional peers. This growth was driven by the growth of non-tradable sectors, which the World Bank warned to be both unsustainable and unequitable. Growth has slowed since then. In 2019 with an income per capita of 13,620 PPP Dollars or 3,852 (2019) nominal US dollars, Sri Lanka was re-classified as a lower middle income nation by the World Bank from a previous upper middle income status. Sri Lanka has met the Millennium Development Goal (MDG) target of halving extreme poverty and is on track to meet most of the other MDGs, outperforming other South Asian countries. Sri Lanka's poverty headcount index was 4.1% by 2016. Since the end of the three-decade-long Sri Lankan Civil War, Sri Lanka has begun focusing on long-term strategi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1884 Establishments In Ceylon
Events January–March * January 4 – The Fabian Society is founded in London. * January 5 – Gilbert and Sullivan's '' Princess Ida'' premières at the Savoy Theatre, London. * January 18 – Dr. William Price attempts to cremate his dead baby son, Iesu Grist, in Wales. Later tried and acquitted on the grounds that cremation is not contrary to English law, he is thus able to carry out the ceremony (the first in the United Kingdom in modern times) on March 14, setting a legal precedent. * February 1 – ''A New English Dictionary on historical principles, part 1'' (edited by James A. H. Murray), the first fascicle of what will become ''The Oxford English Dictionary'', is published in England. * February 5 – Derby County Football Club is founded in England. * March 13 – The siege of Khartoum, Sudan, begins (ends on January 26, 1885). * March 28 – Prince Leopold, the youngest son and the eighth child of Queen Victoria and Prince ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
