forex · 8 February 1952
Final sterling-balances settlement (Colombo Plan framework)
£310 mn currency reserve + £35 mn a year for 6 years
Ended five years of release negotiations
ReportedPeer-reviewed. Source: Abreu TD 643
Prime Minister: Jawaharlal Nehru
The Age Of Stars
Partition, planning, aid consortia and nationalised banks.
Vol. LXXVIIIThe edition of 1952 · The Planned Republic6 records
- Prime Minister
- Jawaharlal Nehru
- President
- Rajendra Prasad
- Finance Minister
- C. D. Deshmukh
- RBI Governor
- Benegal Rama Rau
Bank Rate
3.5%
unchanged on 1951
Arabian Light
$1.71
unchanged on 1951
Banking
1 itemGovernment of India / HM Treasury · regulation · 1 February 1952
Government of India / HM Treasury: An exchange of letters concludes a six-year agreement (July 1951 – June 1957) on India's sterling balances…
310
An exchange of letters concludes a six-year agreement (July 1951 – June 1957) on India's sterling balances: releases of up to £35 million each year, unutilised amounts carryable forward, and an immediate transfer of £310 million representing the assets of the Reserve Bank's Issue Department from the No. 2 to the No. 1 Account, on condition that it not be drawn down except in consultation with the British. The substance had been finalised between the Finance Minister, C. D. Deshmukh, and his British counterpart and presented to the Indian Parliament in December 1950
VerifiedOfficial record. Source: RBIH2-PLENTY
The Ledger: what was borrowed in 1952
Full ledger →| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| India as creditor; HM Government (Churchill govt; Chancellor Butler) | Deshmukh–Butler exchange of letters, 1952-02-08: final six-year settlement to 1957-06-30 "in the framework of the Colombo Plan" (confirmed by consolidating agreement, New Delhi, 1953-07-20) | 520 GBP | 1,456 | Completed 1957. The remaining balances became ordinary reserves, and ran down fast in 1956–58. | reported |
| IBRD | Iron and Steel Project (P009590), 1952-12-18, Indian Iron & Steel Co. (IISCO, Burnpur) | 31.5 USD | 31.5 | Disbursed | verified |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
