INDIA AND INTERNATIONAL CURRENCY PLANS. BY V. K. R. V. RAO Ctotoerxily Professor of Economics, Delhi. CHAND Co., DELHI.

PRINTED BY B. B. AT THK CAMBRIDGE PRINTING WORKS DELHI. Preface to the First Edition. f he following pages presuppose on the part of the Ill reader acquaintance with the text of various schemes which aim at the creation of an interna tional currency organisation. These are now being discussed all over the world and this brief volume is an attempt to view the question not only from an international but also from the Indian angle. I am indebted to the Editor of Commerce the Bombay Financial Weekly, for permission to reproduce three articles on the subject contributed by me to that journal. UNIVERSITY OF DBLHI.

1 2th October, 1943. V. K. R. V. RAO. Preface to the Second Edition. he following pages contain a revised edmon of the brochure which was first published in October 1943.

Much water has since flowed by the banks of the Jumna, and what appeared almost impossible at that time viz., a comprehensive plan acceptable both to the U. K. and U. S. A. experts has now been achieved and the Joint Plan prepared jointly by the Anglo-American experts now holds the field. I have, therefore, added a chapter dealing with the proposed international monetary fund, comparing its pro visions with those of the previous plans, and indicating the changes which are still necessary from the Indian standpoint.

The final chapter on conclusion has also been revised in the light of the joint plan and my reactions thereto. Some of the other chapters have also been revised, but this has been done mainly with a view to giving a clearer exposition of t he problem and a more comprehensive analysisof the issues involved. As I write these lines, a conference is in progress at Breton Woods on the joint plan for the creation of an Interna tional Monetary Fund, and India is represented by a strong delegation which includes two non-officials of eminence. The point of view expounded in the following pages has more or less been accepted by no n-official opinion, in India, and is also largely acceptable to Government as evidenced bv the speeches of a number of Members of the Viceroys Executive Council. I have no doubt that the Indian delegation will pull as one team at Breton Woods, and will place in the forefront of their demands the inclusion of the liquidation of war-time balances among the objectives of the I. M. F. Whether they will secure the assent of the other delegations, particular I v that of the U.

K., to their proposal is more than I can say. But I trust tbat they will do so not only in the interests of international harmony and good will but also that of the expansion of world trade and world economy and the securing of world employment. The interest-displayed in the first edition of the brochure is an indication of the keen interest which the International Currency Plans have roused in India, and the growing in ternational mindedness of the Indian public If the second and revised edition will help to maintain that interest and foouss attention on one important aspect of Indias post-war interna tional economic relations, I shall deem my labour amply re warded. In response to the request of many readers of the first edition, I have included in the present edition the text of the different plans as appendices. This will also help to bring together the various internationalcurrency plans in one place and make it a useful book of reference for students of currency history. University of Delhi. 30th June 1944.

V. K. R. V. RAO. Just as the final proof of this book were passed, the Breton Woods Conference had concluded its deliberations and a summary of the conclusions reached therein had become avai lable in India. I have therefore thought it fit to include an additional chapter on The Breton Woods Conference and After.