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Indian Currency and Finance

Note 110 — Chapter VII

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The confusing point here is this: that (ix.) is the amount advanced to Indian merchants, and (x.) the amount advanced to English merchants; yet (ix.) must be reckoned an English asset and (x.) an Indian asset. For (ix.) when it falls due is paid in England, although, of course, the Bank has advanced money, through the purchase of it, in India.

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