No Possibility of Control by Imperial Bank New Delhi, Jan, 13.
The revised Gold Standard and Reserve Bank Bill has, now been gazetted in order to ensure ample opportunity for the study of the proposals it contains, with to their being enacted during the forthcoming session of the legisl ture, A statement issued by the Finance Member of the Executive Council, Sir B. P. Blackett, says that the Government of India is eon-vinced that share capital must the basis for the constitution of Reserve Bank of India but, in order to ensure' the interests of' India as a whole, the Government has decided not to give the Imperial Bank of India an option to subscribe 30 per cent. of the shares of the Reserve Bank but, on the contrary, to have the shares distributed on a broad basis by giving preference their allotment to those appl ing for one share (of the face value of Rs, 100), while nobody will be allowed to hold shares worth over Rs, 20,000, Every shareholder will have one vote while there will be safeguards against external capital, Tt has been arranged that the total dividends paid on the share capital shall not excessd seven per cent, per annum, The head office of the Reserve Bank of India will be in Bombay and there will be four branch-offices in India and one in London.
The first Board of Directors will be entirely nominated, but afterwards the shareholders, through an electoral college, will elect 11 direc tors, the chambers of commerce ai the" provincial ce-operative banks will elect five, while the Governor General of India will nominate four and one will be a Government oficial, who will have no vote at Board meetings—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.