|
The Paper Currency Act, 1861
The Paper Currency Act, 1861 is an act in India dating from the British colonial rule, that is currently no longer in force. Background Before the passing of the Act, there were a number of commercial banks in India which issued their own banknotes to the general public. Some of these commercial banks included: * The General Bank of Bengal and Bihar * The Bank of Hindostan, which had been set up by the Alexander and Co. agency house The East India Company, which then ruled over large parts of India, wanted to take away this power of issuing banknotes from the commercial banks, as a result of which The Paper Currency Act, 1861 was enacted into law. Tenets and Precepts After the enactment of the Act, the East India Company government became the sole issuer of banknotes in India. The three Presidency Banks of India became the issuer of banknotes on the behalf of the East India Company: * Bank of Calcutta * Bank of Bombay * Bank of Madras Repealment Just a few years be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imperial Legislative Council (India)
The Imperial Legislative Council (ILC) was the legislature of the British Raj from 1861 to 1947. It was established under the Charter Act of 1853 by providing for the addition of 6 additional members to the Governor General Council for legislative purposes. Thus, the act separated the legislative and executive functions of the council and it was this body within the GG council which came to known as the Indian/Central Legislative Council. In 1861 it was renamed as Imperial Legislative Council and the strength was increased. It succeeded the Council of the Governor-General of India, and was succeeded by the Constituent Assembly of India and after 1950, was succeeded by Parliament of India. During the rule of the East India Company, the council of the Governor-General of India had both executive and legislative responsibilities. The council had four members elected by the Court of Directors. The first three members were permitted to participate on all occasions, but the fou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Madras
The Bank of Madras was one of the three Presidency Banks of British India, along with the Bank of Bengal and the Bank of Bombay. It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and headquartered in Madras (now Chennai). It was merged with the other Presidency banks in 1921 to form the Imperial Bank of India, which later became the State Bank of India. Origin In 1683, Governor William Gyfford (1681–1687) and his Council in Madras established a bank. In 1805, Governor Sir William Bentinck convened a Finance Committee that recommended the formation of a First government bank in India; the Madras Bank, which was sometimes called the Government Bank amalgamated Lord Krishna Bank, began functioning from 1 February 1806. It initially functioned from the Exchange Building—the building housing the present Fort Museum—within Fort St. George. The Bank of Madras was formed in 1843 as a joint stock company with a capital of Rupees 3 mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legislation In British India
Legislation is the process or result of enrolling, enacting, or promulgating laws by a legislature, parliament, or analogous governing body. Before an item of legislation becomes law it may be known as a bill, and may be broadly referred to as "legislation" while it remains under consideration to distinguish it from other business. Legislation can have many purposes: to regulate, to authorize, to outlaw, to provide (funds), to sanction, to grant, to declare, or to restrict. It may be contrasted with a non-legislative act by an executive or administrative body under the authority of a legislative act. Overview Legislation is usually proposed by a member of the legislature (e.g. a member of Congress or Parliament), or by the executive, whereupon it is debated by members of the legislature and is often amended before passage. Most large legislatures enact only a small fraction of the bills proposed in a given session. Whether a given bill will be proposed is generally a matter o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1861 In Law
Statistically, this year is considered the end of the whale oil industry and (in replacement) the beginning of the petroleum oil industry. Events January–March * January 1 ** Benito Juárez captures Mexico City. ** The first steam-powered carousel is recorded, in Bolton, England. * January 2 – Friedrich Wilhelm IV of Prussia dies, and is succeeded by Wilhelm I. * January 3 – American Civil War: Delaware votes not to secede from the Union. * January 9 – American Civil War: Mississippi becomes the second state to secede from the Union. * January 10 – American Civil War: Florida secedes from the Union. * January 11 – American Civil War: Alabama secedes from the Union. * January 12 – American Civil War: Major Robert Anderson sends dispatches to Washington. * January 19 – American Civil War: Georgia secedes from the Union. * January 21 – American Civil War: Jefferson Davis resigns from the United States Senate. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of India
The legal system of India consists of civil, common law and customary, Islamic ethics, or religious law within the legal framework inherited from the colonial era and various legislation first introduced by the British are still in effect in modified forms today. Since the drafting of the Indian Constitution, Indian laws also adhere to the United Nations guidelines on human rights law and the environmental law. Indian personal law is fairly complex, with each religion adhering to its own specific laws. In most states, registering of marriages and divorces is not compulsory. Separate laws govern Hindus including Sikhs, Jains and Buddhist, Muslims, Christians, and followers of other religions. The exception to this rule is in the state of Goa, where a uniform civil code is in place, in which all religions have a common law regarding marriages, divorces, and adoption. In the first major reformist judgment for the last decade, the Supreme Court of India banned the Islamic practice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Nashik (Western India) and Dewas (Central India). RBI established the National Payments Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit facilit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of India Act, 1934
Reserve Bank of India Act, 1934 is the legislative act under which the Reserve Bank of India was formed. This act along with the Companies Act, which was amended in 1936, were meant to provide a framework for the supervision of banking firms in India. Summary The Act contains the definition of the so-called scheduled banks, as they are mentioned in the 2nd Schedule of the Act. These are banks which were to have paid up capital and reserves above 5 lakh. There are various section in the RBI Act but the most controversial and confusing section is Section 7. Although this section has been used only once by the central govt, it puts a restriction on the autonomy of the RBI. Section 7 states that central government can legislate the functioning of the RBI through the RBI board, and the RBI is not an autonomous body. Section 17 of the Act defines the manner in which the RBI (the central bank of India) can conduct business. The RBI can accept deposits from the central and state gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Bombay
The Bank of Bombay was the second of the three presidency banks (others being the Bank of Calcutta and the Bank of Madras) of the Raj period. It was established, pursuant to a charter of the British East India Company, on 15 April 1840. The bank's headquarters were in Bombay, now called Mumbai. The Bank of Bombay undertook all the normal activities which a commercial bank was expected to undertake. The Bank of Bombay, in the absence of any central banking authority at that time, also conducted certain functions which are ordinarily a preserve of a central bank. The Bank of Bombay and two other Presidency banks - the Bank of Calcutta and the Bank of Madras - were amalgamated and the reorganized banking entity was named the Imperial Bank of India on 27 January 1921. The Reserve Bank of India, which is the central banking organization of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India and the Imperial Bank of India was renamed on 30 April 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Company Rule In India
Company rule in India (sometimes, Company ''Raj'', from hi, rāj, lit=rule) refers to the rule of the British East India Company on the Indian subcontinent. This is variously taken to have commenced in 1757, after the Battle of Plassey, when the Nawab of Bengal was defeated and replaced with another individual who had the support of the East India Company; or in 1765, when the Company was granted the ''diwani'', or the right to collect revenue, in Bengal and Bihar; or in 1773, when the Company abolished local rule (Nizamat) and established a capital in Calcutta, appointed its first Governor-General, Warren Hastings, and became directly involved in governance. The rule lasted until 1858, when, after the Indian Rebellion of 1857 and consequently of the Government of India Act 1858, the British government assumed the task of directly administering India in the new British Raj. Expansion and territory The English East India Company ("the Company") was founded in 1600, as ''The Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Calcutta
The Bank of Calcutta (a precursor to the present State Bank of India) was founded on 2 June 1806, mainly to fund General Wellesley's wars against Tipu Sultan and the Marathas. It was the first bank of India and was renamed Bank of Bengal on 2 January 1809. History The bank opened branches at Rangoon (1861), Patna (1862), Mirzapur (1862), and Benares (1862). When it became known that the bank intended to open a branch at Dacca, negotiations began that resulted in Bank of Bengal in 1862 amalgamating Dacca Bank (est. 1846). A branch at Cawnpore followed. Among the bank's renowned customers were scholar and politician Dadabhai Naoroji, scientist Jagadish Chandra Bose, India's first President Rajendra Prasad, Nobel laureate Rabindranath Tagore, and educationalist Ishwar Chandra Vidyasagar. The bank was risk averse and would not lend for more than three months, leading to local businessmen, both British and Indian launching private banks, many of which failed. The most sto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East India Company
The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southeast Asia), and later with East Asia. The company seized control of large parts of the Indian subcontinent, colonised parts of Southeast Asia and Hong Kong. At its peak, the company was the largest corporation in the world. The EIC had its own armed forces in the form of the company's three Presidency armies, totalling about 260,000 soldiers, twice the size of the British army at the time. The operations of the company had a profound effect on the global balance of trade, almost single-handedly reversing the trend of eastward drain of Western bullion, seen since Roman times. Originally chartered as the "Governor and Company of Merchants of London Trading into the East-Indies", the company rose to account for half of the world's trade duri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
