Banking · regulation · 1 October 1942
Proviso added to s.277F: a company using "bank" or its derivatives in its name is deemed a banking company irrespective of whether deposit-taking is its principal business
VerifiedOfficial record. Source: RBIH1 ch. 15
Reserve Bank of India · 1 December 1942
38 new banks
Review of bank floatations since September 1939: 38 new banks had come into existence, 12 with registered offices in Calcutta (6 of the 12 with paid-up capital under Rs 1 lakh) and 6 in Bombay
VerifiedOfficial record. Source: RBIH1 ch. 15
Banking companies
Proviso to s.277F as above
VerifiedOfficial record. Source: RBIH1 ch. 15
prices and commodity markets
"resolute measures of physical and financial controls with the object of restoring the price level to a wartime 'norm'"; Government regulation of food prices and control of futures trading in oil-seeds, copra and spices
VerifiedOfficial record. Source: RCF4344
foreign exchange
India's dollar earnings were pooled; the Government of India pressed in 1942–43 for segregation of India's dollar earnings and even for secession from the Pool; the Treasury and Bank of England resisted as "a radical departure from the basic principle of the sterling area"
VerifiedOfficial record. Source: RBIH1
