INDIA Shares & Bond Issues

MD  Please see acknowledgement below.

Note ₁

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Note _1: The Circle India Stock Note 4% Interest Bearing Note is similar to the USA Interest-Compound Interest Bearing Notes of 1861-65. These notes were issued as a result of a world financial crisis which began in the USA, then spread to the Britain and to INDIA. Similar to the USA notes, the India Stock Notes have a 4% coupon at right.
 

Bank of Bengal was started as the Bank of Calcutta on 2 June 1806, with sixty lakhs of capital, issuing 500 shares of 10,000 Sicca Rupees. The name was changed to the Bank of Bengal on  2 June 1809 when it received its first Royal Charter incorporating as a joint stock company with 21 Indian shareholders. Along with the Bank of Bombay and the Bank of Madras, these three banks were known as Presidency banks.

An 1812 issue of 20 Sicca Rupees has been reported but no images are known to have survived. The first confirmed banknote of the Bank of Bengal was issued in August 1816, a 1 Mohur, also called 16 Sicca Rupees. Unlike the coin of the realm, these notes paid a premium over face value while coins also required a 4% to 6% batta (a deduction for handling, checking purity and storing). These banknotes paid interest at the rate of 10-12% a year.

The Bank of Bengal issued its own bank notes for a total value of one crore (ten million) Sicca Rupees. From 1833 the Bank of Bengal was authorized to make all civil and military payments in all Presidency towns and villages.

The Banks fate took a negative turn when the Palmer and Coy Indigo company collapsed as a result of the House of Cockeral withdrawing its investments. This immediately devalued the banknotes followed by a run on its gold and silver reserves as well as a reduction of its copper reserves from the market.

In 1861 the government passed the Paper Currency Act limiting the right of the issue of paper currency to the three Presidency banks.

On 27 January 1921 the government amalgamated the three Presidency banks to form the Imperial Bank of India.