The Reserve Bank of India’ is a major central autonomous financial institution responsible for controlling and planning the vital financial system of India. The institution was established on 1 April 1935.
We are celebrating her anniversary today on 1st April. For that purpose, this article is placed in front of us. First of all let us see how the Reserve Bank of India was created.
In the year 1915 Dr. Babasaheb Ambedkar presented his thesis on ‘Ancient Indian Commerce’ (Indian Indian Commerce) while completing his M.A. degree at Columbia University, America. In 1916, he submitted his thesis ‘National Dividend of India A Historical and Analytical Study’ in the same university for Ph.D.
This thesis was so important that the same thesis was published eight years later in London at P.S. Published by King & Sons in a comprehensive manner titled ‘The Evaluation of Provincial Finance in British India’. So ‘D.Sc. For his degree, Dr. Dr. Babasaheb Ambedkar entered.
And there, after studying tirelessly day and night, he presented his thesis on ‘Problem of Rupee: Its Origin and its Solution. He may be the first Indian to receive this degree. His writings belong to the era of Paratantriya.
How the policies of the British government, especially the economic policies, are harmful to India. Babasaheb Ambedkar has presented it clearly and strongly in his economic thesis. What currency India wanted and his strong support for the gold standard system testifies to the deep knowledge of the economists in Britain about the Indian currency.
In the year 1924-25, the British government sent a Royal Commission to India. This commission was sent to India to determine the monetary regulations and economic policy of India, and also to suggest reforms in the monetary system. It is also called the ‘Hilton Young’ Commission as its chairman is Hilton Young. Along with this, in this commission, R.N. Mukherjee, Naurkot Warain, R.A. Munt, M.B. Dadabhai, Henry Strachan, Alex R. Murray, Purushottamdas Thakur Das, J.C. Koyaji, W.E. Preston and as Secretary G.H. Baxter and A. It was Iyengar.
When this commission came to India. Then to talk about this planned financial institution and financial system in India in front of this commission. Babasaheb Ambedkar was invited.Dr. Babasaheb Ambedkar submitted a statement to this commission. And testified before the Royal Commission on Indian Currency and Finance on 15 December 1925. The rigor of this testimony was felt by the famous economists present in Britain. Dr. Babasaheb Ambedkar made a deep study in economics and proved how much India was exploited by financial and monetary policies during the 150 years of Indian independence. (Dr. Babasaheb Ambedkar, Writings and Speeches) Specially about the British Commission, when Dr. Babasaheb came to testify before the Ambedkar Commission. Then they were shocked.
Because in the hands of the learned economists of this Royal Commission, Dr. Babasaheb Ambedkar Ph.D. There were copies of the great treatise ‘Problem of the Rupee’ written in relation to the Indian economy for the thesis. From this, Dr. The importance of Babasaheb Ambedkar’s global scholarship is evident. The book was highly praised by London Times and Economic Times. This book was referred to by the Royal Commission.
What should be the economy of India, problems in Indian currency and its solutions, how should banking work, who should control the currency, what should be the monetary policy, what should be the standard of currency, organization of Khalsa, collective agriculture, commercial and financial policy, land tax, zamindari system and system Its effect on the financial system, its advantages and disadvantages on the monetary system considering gold as the standard, its advantages and disadvantages of demonetisation, inflation, and currency problems and their solutions were all discussed in depth in this book. The political and economic consultation of the last four decades was taken in it. (Dr. Babasaheb Ambedkar, International Significance and Greatness, Page No. 293) The Commission further testified that all the above three treatises on financial system were the basic basis for the Royal Commission to establish Reserve Bank in India. His testimony was a testament to his extraordinary erudition and self-confidence.
It is especially important that Dr. Babasaheb Ambedkar’s P. Finance Commission was formed through Article 280 of the Constitution of India from the HD thesis itself. It provides guidance on how to distribute revenue between the state governments and the central government. Also he did ‘D.Sc.’ From the thesis presented to Karita and the testimony given before the Royal Commission, it was explained that it is necessary to create a central bank under the authority of the government in the country. On 1st April, 1935, ‘Reserve Bank of India’ was established in our country from his thoughts. Dr. Millions of tributes to this precious contribution of Babasaheb Ambedkar today.
