The Problem of the Rupee, Its Origin and Its Solution

This work offers a clear‑sighted look at the rupee’s turbulent journey from the early nineteenth century through the reforms of 1893. By weaving together the political, commercial and monetary forces that shaped Indian finance, the author reveals why the country shifted from a gold standard to a gold‑exchange system—a transition many earlier writers have glossed over. The narrative stays grounded in the facts, giving listeners enough context to understand the stakes without drowning in technical jargon.

Beyond the historical sweep, the author challenges the prevailing wisdom of the exchange standard, arguing that true stability lies in controlling the rupee’s purchasing power rather than merely its convertibility. He proposes bold, though controversial, alternatives such as an inconvertible paper currency backed by limited issuance and a re‑orientation of the mints toward government control. Listeners will come away with a fresh perspective on the economic debates that still echo in today’s discussions of monetary policy.