But after 1873, in consequence of changes in the monetary systems of France and Germany, and the increased production of silver, this stability of exchange no longer continued, and the rupee sank steadily in value, till it was worth little more than half its face value.
Per rupee, and both the government and the individual now know exactly what their obligations will be.
The medium of exchange is the Indian rupee (=16d.), with the subsidiary coinage of Mauritius.
The Indian rupee and the Persian kran are widely circulated through Mesopotamia; in Basra transactions are counted in krans, taking as a fixed exchange £T1 = 34.15 krans.
As the Kandahari rupee is worth about 8 annas (half an English rupee) the government thus realizes a profit of 1%.
Government accounts are kept in "Kham" rupees, the "Kham" being worth about five-sixths of a Kandahari rupee; in other words, it about equals the franc, or the Persian "kran."
Currency.-Persian currency alone is legal in Persia, but the rupee is freely current in Persian ports.
On the Arab coast the rupee is legal tender, and is almost exclusively used for commercial transactions, but the Maria Teresa dollar circulates freely, and is preferred by the inhabitants of the interior of Arabia.
The currency of Mauritius is rupees and cents of a rupee, the Indian rupee (=16d.) being the standard unit.
Bishop Heber described them as follows: - "The country is burdened with a crowd of lazy, profligate, self-called sawars (cavaliers), who, though many of them are not worth a rupee, conceive it derogatory to their gentility and Pathan blood to apply themselves to any honest industry, and obtain for the most part a precarious livelihood by sponging on the industrious tradesmen and farmers, on whom they levy a sort of blackmail, or as hangers-on to the wealthy and noble families yet remaining in the province.
Alwar was the first native state to accept a currency struck at the Calcutta mint, of the same weight and assay as the imperial rupee, with the head of the British sovereign on the obverse.
In 1901 the state currency of Babashai rupees was withdrawn, and the British rupee was introduced.
A special silver coin of rupee value has been introduced.
For practical use these Tibeto-Chinese coins (of which 21 =1 rupee, and which are known as'naktang, i.e.
For instance, the tariff on animals exposed for sale includes a charge of 5% ad valorem on slave girls, besides a charge of I rupee per head.
Per rupee; so that since that year the finances of India have been practically upon a gold basis.
And the exchange value of the rupee was rarely less than two shillings.
This advantage, however, was outweighed by the uncertainty as to what the exchange value of the rupee might be at any particular date, which imported a gambling element into commerce.
The justification for their continued existence has been found in the climatic conditions of the Gulf, which make it difficult for the Persian Government to staff their own offices adequately, and in the fact that the rupee is the only currency common to all ports of the Gulf and to India, while the trade of these ports is mainly with India.
The reply to this indictment is that the British land revenue is L16,000,000 annually, whereas Aurangzeb's over a smaller area, allowing for the difference in the value of the rupee, was X110,000,000; though the Indian Civil Service is expensive, its cost is more than covered by the fact that India, under British guarantee, obtains her loans at 31% as against 10% or more paid by native rulers; though India has a heavy military burden, she pays no contribution to the British navy, which protects her seaboard from invasion; the drain of the home charges cannot be very great, as India annually absorbs 6 millions sterling of the precious metals; in 1899-1900, a year of famine, the net imports of gold and silver were 1 3 o millions.