History · Colonial Economy
UGC NET December 2024 History
In which year was a Gold Standard Reserve formed out of the profits of the coinage of rupees, partly to prevent fluctuations in exchange, partly to meet expenses and partly to provide funds in London to purchase silver for coining?
A1893
B1900 ✓ Correct
C1913
D1925
Correct answer: (B) 1900 — The answer is 1900.
Explanation
★The answer is 1900.
★Early European monetary standards were based on the silver standard.
★The international gold standard was introduced in 1873.
★In 1900 a Gold Standard Reserve was created in Bombay from profits earned on the coinage of rupees.
★It was transferred to London in 1902.
★It was created partly to cushion exchange fluctuations, partly to cover expenses and partly to buy silver for coinage.
Want more like this? Create a free account to practise a full test, track your progress, and get spaced-repetition review.
Shared by Mcqkart · via Mcqkart.in