Currency substitutionCurrency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. The process is also known as dollarization or euroization when the foreign currency is the dollar or the euro, respectively. Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe. Some small economies, for whom it is impractical to maintain an independent currency, use the currencies of their larger neighbours; for example, Liechtenstein uses the Swiss franc.
Bengal PresidencyThe Bengal Presidency, officially the Presidency of Fort William in Bengal and later Bengal Province, was a subdivision of British India. At the height of its territorial jurisdiction, it covered large parts of what is now South Asia and Southeast Asia. Bengal proper covered the ethno-linguistic region of Bengal (present-day Bangladesh and the Indian state of West Bengal). Calcutta, the city which grew around Fort William, was the capital of the Bengal Presidency.
Princely stateA princely state (also called native state or Indian state) was a nominally sovereign entity of the British Indian Empire that was not directly governed by the British, but rather by an Indian ruler under a form of indirect rule, subject to a subsidiary alliance and the suzerainty or paramountcy of the British crown. In July 1946, Jawaharlal Nehru pointedly observed that no princely state could prevail militarily against the army of independent India. In January 1947, Nehru said that independent India would not accept the divine right of kings.
Currency boardIn 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.
History of IndiaAnatomically modern humans first arrived on the Indian subcontinent between 73,000 and 55,000 years ago. The earliest known human remains in South Asia date to 30,000 years ago. Sedentariness began in South Asia around 7000 BCE; by 4500 BCE, settled life had increasingly spread, and gradually evolved into the Indus Valley civilisation, which flourished between 2500 BCE and 1900 BCE in present-day Pakistan and north-western India. Early in the second millennium BCE, persistent drought caused the population of the Indus Valley to scatter from large urban centres to villages.
Bombay PresidencyThe Bombay Presidency or Bombay Province, also called Bombay and Sind (1843–1936), was an administrative subdivision (province) of British India, with its capital in the city that came up over the seven islands of Bombay. The first mainland territory was acquired in the Konkan region with the Treaty of Bassein (1802). Mahabaleswar was the summer capital.
Federal Reserve NoteFederal Reserve Notes, also United States banknotes, are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. The Reserve Banks then circulate the notes to their member banks, at which point they become liabilities of the Reserve Banks and obligations of the United States.
Baroda StateBaroda State was a princely state in present-day Gujarat, ruled by the Gaekwad dynasty of the Maratha Confederacy from its formation in 1721 until its accession to the newly formed Dominion of India in 1949. With the city of Baroda (Vadodara) as its capital, during the British Raj its relations with the British were managed by the Baroda Residency. The revenue of the state in 1901 was Rs. 13,661,000. Baroda formally acceded to the Dominion of India, on 1 May 1949, prior to which an interim government was formed in the state.
ShillingThe shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence or one-twentieth of a pound before being phased out during the 1960s and 1970s. Currently the shilling is used as a currency in five east African countries: Kenya, Tanzania, Uganda, Somalia, as well as the de facto country of Somaliland.
Polymer banknotePolymer banknotes are banknotes made from a synthetic polymer such as biaxially oriented polypropylene (BOPP). Such notes incorporate many security features not available in paper banknotes, including the use of metameric inks. Polymer banknotes last significantly longer than paper notes, causing a decrease in environmental impact and a reduced cost of production and replacement. Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial Research Organisation (CSIRO) and The University of Melbourne.
