Under an ordinance issued to-day [July 11] the Government of India are taking power to acquire all silver coin and bullion imported on private account other than current silver coin of the Government of India. The silver so acquired will be paid for in London at a rate 5 per cent, below the London quotation on the date of acquisition by the Government of India. The silver will of course remain private property and subject to any risks incidental to transit until it is made over to the Government. A notification has also been issued to-day prohibiting the import of silver into India except in the case of (a) current silver coins of the Government of India, (b) silver coin or bullion imported on Government account and (c) silver coin or bullion imported under license. The Secretary of State has succeeded in making large purchases of silver, but it is desirable to eliminate where possible competitive buying against him.

Source: The Hindu July 11, 2017 18:33 UTC