Reserve Bank of India Bill, 1933 · 1 January 1933
28 members; 15 minutes of dissent
Bill introduced, based on the 1928 Bill as modified by the London Committee; referred to a Joint Select Committee of 28 members which reported with 15 minutes of dissent
VerifiedOfficial record. Source: RBIH1 ch. 3
Reserve Bank of India Bill · Invalid Date
373 amendments; 24 days
373 amendments tabled; the Legislative Assembly spent 24 days on motions to commit/recommit, clause-by-clause discussion and third reading; the Act as passed had 61 sections, 242 clauses and 5 schedules
VerifiedOfficial record. Source: RBIH1 ch. 3
Reserve Bank of India (proposed) · 8 September 1933
28-member Joint Select Committee, 15 minutes of dissent; passed Assembly 22 Dec 1933, Council of State 16 Feb 1934
Reserve Bank of India Bill 1933 introduced by Sir George Schuster on the basis of the London Committee's draft, which insisted on private shareholders
VerifiedOfficial record. Source: RBIH1 pp. 38–39, 82–84
RBI constitution
Based on the 1928 Bill as modified by the London Committee. Referred to a Joint Select Committee of 28. The London Committee pressed for sterling-standard rather than gold-standard wording, and for the London branch to be optional, with reciprocity between the Bank of England and the RBI (each appointing the other as its agent) proposed instead
VerifiedOfficial record. Source: RBIH1 ch. 3
Exchange rate
The Bill required the Bank to sell and purchase sterling at any office for immediate delivery in London at rates between 1s 5 49/64d and 1s 6 3/16d per rupee (ss. 40, 41). The first Government draft retained an obligation to buy gold; this was deleted on India Office instructions "for tactical reasons since there might be a danger of provoking introduction in Select Committee of an amendment altering rate and stirring up controversy about Gold ratio of rupee"
VerifiedOfficial record. Source: RBIH1 ch. 3
