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FEDERAL
OF

RESERVE
NEW

BANK

YORK
r Circular No. 3 1 4 6 *
1

L

October 21, 1946

J

RED EM PTION OF CER TA IN INDIAN CU RRE N CY NOTES

To All 'Banking Institutions in the Second Federal
B eserve District, and Others Concerned:

U nder an ordinance prom ulgated by the G overnor General o f India on January 12,1946, Indian
currency notes issued by either the Central Government or the R eserve Bank o f India in denom ina­
tions o f 500, 1,000 and 10,000 rupees, ceased to be legal tender after that date and were withdrawn
from circulation in India.
The R eserve Bank o f India has now made arrangem ents whereby, up to and including December
21, 1946, all such notes held in the United States m ay be delivered or forw arded at the expense and
risk o f the holders to the F ederal R eserve Bank o f New Y ork fo r account o f the Reserve Bank of
India fo r redemption. Such notes should be accom panied by a w ritten application fo r redemption
o f the notes, in duplicate, sworn to before a n ota ry public or similar officer and containing the fo l­
low ing inform ation : (1) the full name, address, nationality and occupation o f the applicant; (2) if
the applicant is not the owner the same particulars should also be given about the ow ner; (3) the
number and denomination o f each note, the name o f the issuer, and the total face amount o f notes
d eposited; (4 ) a full statement o f the circum stances under which the notes w ere acquired, including
how, when, where, from whom and fo r what purpose ; (5 ) what the applicant knows concerning the
circumstances under which the notes were im ported into the United States, including the names o f
the persons participating therein, the date o f im portation and the date o f exportation from India,
whether or not such exportation was authorized b y the Indian Exchange Control, and the reason if
not so authorized, o r if the applicant has no knowledge or inform ation concerning such circumstances
he should so sta te ; and (6) a statement that the owner o f such notes holds no 500,1,000 or 10,000 rupee
notes other than those listed in such application and has made no other application fo r payment, or
explaining the facts i f otherwise. A n y available docum entary evidence in support o f such application
should be attached thereto.
The F ederal R eserve Bank o f New Y ork w ill receive and hold all such notes fo r account o f the
R eserve Bank o f India, will give the holder a receipt and will transm it the accom panying application
to the R eserve Bank o f India. It is our understanding that if the R eserve Bank o f India is satisfied
that the notes are genuine and that they were acquired legitimately, the holder w ill be paid therefor
in United States dollars at the rate of $30.12 per 100 rupees.
The notes and accom panying application should be sent to F ederal R eserve Bank o f New Y ork,
F oreig n Department, F ederal Reserve P. O. Station, New Y ork 7, N. Y ., at the expense and risk o f
the holder and they m ay be sent direct or through the h old er’ s bank. The F ederal R eserve Bank o f
N ew Y o rk is not authorized to receive any notes after Decem ber 21, 1946, unless m ailed in an
envelope postm arked not later than December 21, 1946, or forw arded b y a bank with a statement to
the effect that they were received on or before D ecem ber 21, 1946.
A dditional copies o f this circular may be obtained on request.




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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102