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History
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| Number of pages / Number of words: |
10 / 2665 |
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Sir James Wilson, the Finance Member of the Governor-General's Council also known as the Executive Council of the Viceroy, weighed the validity of state-run paper currency. As such, an administrative system was formed to control the issue, circulation and destruction of notes through ?Issue Offices' and treasuries, under Head Commissioner of Currency in 1859 (Jhunjhunwalla Online)...
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The Indian Paper Money Act of 1861 established "circles" to issue the Indian paper notes, and the circles had sub-circles under them. Initially, notes issued in one circle were not circulated outside of that specific circle, and the notes could only be cashed within the issuing circle or a sub-circle office under the issuing circle...
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