dr ambedkar phd thesis london school of economics

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Ambedkar Research Scholars

The sac encourages research scholars to engage with dr b r ambedkar's history, from his time at the lse and beyound..

Dr B R Ambedkar is one of the most important alumnus of LSE, from where he was awarded his MA and PhD. His doctoral thesis on ‘The Indian Rupee’, written in 1922-23, was later published as  The Problem of the Rupee: Its Origin and Its Solution  (London: P S King & Son, Ltd, 1923). Ambedkar was a Social Reformer, Economist, Parliamentarian, Jurist, and the Principal Architect of the Constitution of India.

A short biography can be found on the LSE History blog, along with a description of his time at the LSE.

2015 Scholars Visits

As part of the 125th Birth Anniversary Celebrations of Dr B R Ambedkar, the SAC hosted two delegations of research scholars and government officials for week-long visits on 24-31 October 2015 and 21-28 November 2015, in collaboration with the High Commission of India in London and the Ministry of Social Justice & Empowerment, Government of India.

With two tours of 25 students & three officers each, the objectives of these trips were i) to show how HE institutions function in the UK, ii) the academic and educational facilities available that are relevant to theirresearch interests at LSE, iii) the rare archival collections relevant to India in museums and collections in London, iv) the multiculturallie in London and v) to introduce students to issues of social inequality, injustice and empowerment affecting contemporary Britain. 

Whilst here, two students were interviewed by Rozelle Laha from the Hindustan Times , culminating in an article published in the Delhi edition (in page 19) on Wednesday, 2 December 2015. 

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100 Years of the Problem of Rupee: Dr. B.R. Ambedkar's Historic Thesis Shapes India's Economic Future

Lucknow - What was the title of the thesis that Dr. B. R. Ambedkar submitted to the London School of Economics, for which he was awarded his doctorate in 1923? This might appear to be quite an easy question for most Ambedkarites, but Himani Bundela, a native of Jhansi, who breezed through the 15 questions of Kaun Banega Crorepati to win Rs 1 crore, couldn’t answer this question and deprived herself of the chance to win Rs 7 crore, the prize money for this question. The answer to this question – "The Problem of Rupee-its Origin and Solution" – is not an esoteric knowledge among Ambedkarites today. As the thesis completed 100 years in 2023, we take a look at the thesis that surpassed the boundaries of a research paper.

On this day, 15th December 1926, Dr. Ambedkar presented evidence before the Royal Commission on Indian Currency and Finance on his thesis - "The Problem of Rupee." It is said that each member of this commission held a copy of Dr. Ambedkar’s 257-page paper. It is noteworthy that the paper completed 100 years this year, as it was presented and published in 1923 as the thesis for his doctoral research at the prestigious London School of Economics (LSE).

The Doctoral Thesis that Laid the Foundation of the Indian Banking System

Dr. Ambedkar postulated the need, working style, and outlook of the Royal Commission, also known as the Hilton Young Commission. The Commission duly incorporated the guidelines presented by Ambedkar in 1926, and later the legislative assembly passed the recommendations in the name of the RBI Act 1934. Consequently, the Reserve Bank of India was established on 1st April 1935.

During British rule, the Indian currency was pegged to the British pound, and the exchange rate was fixed at a rate that favored British interests. The British Indian government had absolute control over the issuance of currency, and they used this power to manipulate the value of the rupee to their advantage.

In his thesis, he exposed the strategy of the British to keep the exchange rate inordinately high, which tipped the balance in favor of their factory products.

One of the major issues was the constant devaluation of the Indian rupee by the British government. The value of the rupee was artificially lowered to benefit British exporters and to finance the expenses of the colonial administration. This devaluation had severe economic consequences for the Indian population, leading to inflation and a decline in the standard of living.

Gold Exchange Standard

He argued that the gold exchange standard does not have stability, and developing countries like India cannot afford gold exchange standards as they are prone to inflationary pressures. He buttressed his claims with statistical figures. The thesis also advocated the regulation of government deficits and the circular flow of money. The book comprises seven chapters.

In the first three chapters of the book, he touches upon the deficiencies associated with silver currency. In the first chapter of the book known as “From a Double Standard to the Silver Standard,” he has touched upon the economic contours of the Mughal Empire and mentioned that the economic condition during the Mughal era was much better than that in the English Empire. Dr. Ambedkar explained how silver standards had been established through the waning of gold currency and how it had been supplemented by paper currency. He pointed out that Act XXIII of 1870 did nothing new - neither the number of the coins authorized by the mints nor its tender-powers. Rather, it helped make some improvements in monetary laws. Since the invention of coinage, people always thought that the actual value of the coin can be exact with the price of the coin legalized by the mint. So according to him, the exact value of the coin can’t, however, always be the same as the certified value.

In the second half of the chapters, Ambedkar draws a comparison between the rupee and coins. The second chapter is "The Silver Standard and the Dislocation of its Parity." In the introduction to the third chapter, “The Silver Standard and the Evils of its Instability,” Ambedkar was concerned about the economic results of the disruption of the ‘par’ of exchange, and he describes it as the most “far-reaching character.”

In the fourth chapter of the book, titled “Towards the Gold Standard,” Ambedkar focuses on how the establishment of a stable economic system was contingent upon the re-establishment of a common standard of value. In the seventh as well as the last chapter of the book titled “A Return to the Gold Standard,” Ambedkar examined the system of the economy that was moving towards the changes made in the exchange standards.

The Thesis that Left its Imprint on Economy and History

Only a few research papers and theses have left their imprint on the economic structure of an economy as "The Problem of Rupee-its Origin and its Solutions" has. The fact that the Reserve Bank of India, the central bank of the country, was formed based on the guidelines made in the research paper proves the acumen of Dr. Ambedkar as an economist.

The research paper was published in 1923 by P. S. King and Sons and had the foreword by Edward Kennan, who grossly disagreed with the assertion of Ambedkar in his thesis. The Thesis is also published by the Dr. Ambedkar Foundation as a part of Dr. Babasaheb Ambedkar's writings and speeches.

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Dr Ajay Arun Dhawale

July 17th, 2024, from dream to reality: my unforgettable journey to the london school of economics.

54 comments | 28 shares

Estimated reading time: 6 minutes

In April 2024, the India Observatory at LSE held a conference to mark the anniversary of Dr B R Ambedkar’s PhD thesis, The Problem of the Rupee. Dr Ajay Arun Dhawale recounts his experience of travelling to London to attend and speak at the event.

I have always cherished my dream of visiting the London School of Economics and Political Science (LSE). The institution holds a special place in my heart, primarily because Dr B R Ambedkar , a visionary and a pivotal figure in Indian history, completed his DSc there. His monumental work, “The Problem of the Rupee: Its Origin and Its Solution,” has been a beacon for scholars and policymakers alike.

To honour the centenary of this thesis, the London School of Economics, the University of Mumbai, and BARTI (Dr Babasaheb Ambedkar Research and Training Institute) organised an international conference on “Sustainability, Inclusive Development, and Dr B R Ambedkar.” The opportunity to present my research article at this prestigious conference was a dream come true, and the experience was nothing short of extraordinary.

When I received the email from LSE inviting me to present my paper, I was overwhelmed with joy and excitement. It felt surreal as if a long-cherished dream was finally coming to fruition. The title of my paper, “Dr Ambedkar’s Vision and the Resilience of Dalit Literature and Cultural Transformation,” was close to my heart, and the chance to present it at LSE was an honour beyond words. The conference was scheduled around Ambedkar Jayanti, adding a layer of significance to the event. Presenting my research on Dr Ambedkar’s birthday at the very institution where he had studied was profoundly symbolic and deeply emotional for me.

As the plane descended into London, a wave of excitement and anticipation washed over me. The city’s rich history and cultural diversity were palpable from the moment I set foot on its streets. London’s charm was intoxicating, with its blend of historic landmarks and modern marvels. However, my primary focus was the conference at LSE, and the days leading up to my presentation were filled with a mix of preparation and exploration.

The conference itself was a grand affair, bringing together scholars and experts from various fields to discuss sustainability and inclusive development through the lens of Dr Ambedkar’s work. Walking into LSE, I felt a sense of pride and responsibility. The campus buzzed with intellectual energy, and the atmosphere was enthusiastic. The inaugural function of the conference was a fitting tribute to Dr B R Ambedkar’s legacy, bringing together influential voices to reflect on his contributions and discuss pathways for future development.

Dr Ruth Kattumuri’s comprehensive introduction, Vice Chancellor of LSE Larry Kramer’s welcome remarks and Nicholas Stern’s inspiring keynote address collectively set a high standard for the conference. They provided a robust framework for the following discussions, ensuring that the themes of sustainability and inclusive development remained at the forefront of the dialogue. The event honoured Dr Ambedkar’s legacy and reinforced the importance of continued efforts towards achieving a just and equitable society.

Presenting my paper was a transformative experience. Standing at the podium, I could feel the presence of history, the legacy of Dr Ambedkar, and the collective aspirations of countless individuals striving for social justice. My paper delved into the profound impact of Dr Ambedkar’s vision on Dalit literature and the broader cultural transformation it has spurred. The resilience and creativity of Dalit writers have not only enriched Indian literature but also provided a powerful medium for expressing the struggles and aspirations of marginalised communities. The response from the audience was overwhelmingly positive. Scholars and students engaged in a lively discussion, sharing insights and drawing connections between Dr Ambedkar’s ideas and contemporary issues. The opportunity to exchange ideas with such a diverse and knowledgeable group was incredibly enriching.

April 14th, Ambedkar Jayanti, was a day of immense significance. I was privileged to visit Dr Ambedkar’s house in London, a pilgrimage for anyone who admires his work. The visit was a poignant reminder of his remarkable journey and the sacrifices he made for social justice. The house, now a museum, preserves the memory of his time in London and his enduring legacy. On this auspicious day, I was honoured with the Bhim Sphurti award from Prabuddha International. Receiving this award on Ambedkar Jayanti, in a city that played a crucial role in Dr Ambedkar’s academic and intellectual development, was a deeply moving experience. It was a moment of personal triumph and reaffirming my commitment to continue working towards the ideals Dr Ambedkar advocated.

While the conference and the award ceremony were the highlights of my trip, the beauty of London and the surrounding cities added an unforgettable dimension to my journey. London, with its iconic landmarks like the Tower of London, Buckingham Palace, and the British Museum, offered a fascinating glimpse into its rich history and vibrant culture. Each street and corner seemed to tell a story, and I immersed myself in the city’s unique blend of the old and the new.

My travels didn’t stop in London. I visited Cardiff University, a serene and picturesque campus that exuded academic excellence. The visit to Oxford University was equally inspiring. Walking through its historic halls and libraries, I could feel the weight of centuries of scholarship and intellectual pursuit. The final leg of my academic tour took me to Edinburgh University, where the city’s breathtaking architecture and scenic beauty left me spellbound.

Looking back, I can say with certainty that those days were some of the most beautiful and enriching experiences of my life. The journey was not just about presenting a paper or visiting prestigious universities; it was about connecting with a legacy, celebrating a vision, and being part of a larger narrative of social justice and intellectual pursuit. The memories of my time in London and the other universities are etched in my heart. They serve as a constant reminder of the power of dreams, the importance of perseverance, and the profound impact of visionary leaders like Dr B R Ambedkar. My journey to the London School of Economics was more than an academic endeavour; it was a tribute to a great man’s legacy and a celebration of the enduring power of knowledge and resilience.

More about the conference

The  India Observatory at International Inequalities Institute, LSE, in collaboration with University of Mumbai, India & BARTI Institute, Pune, India, organised a two-day conference titled “Sustainability, Inclusive Development and Dr B R Ambedkar” 13-14 April 2024 to celebrate the centenary of Ambedkar’s PhD at LSE. The video from the opening ceremony can be found here:

https://www.youtube.com/watch?v=WGqunYWa7xI

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About the author

Professor (Dr) Ajay Dhawale has been a distinguished faculty member at Tuljaram Chaturchand College of Arts, Science, and Commerce, Baramati, for the past 21 years. His academic expertise encompasses the English language, Indian English literature, and Dalit literature. He earned his PhD in Dalit literature from Savitribai Phule Pune University. Throughout his career, Dr Dhawale has actively contributed to the academic community through his research and scholarly presentations. He has presented his work at prestigious international conferences, including the London School of Economics and St. Anne's College, Oxford. Acknowledging his significant contributions to academia, he was honoured with the Most Fabulous Professor award by the World HRD Congress. Dr Dhawale's exemplary academic achievements made him an influential figure in his expertise.

54 Comments

Dr Ajay heartily congratulations & we all proud of you for achieving this great success,and best of luck for your future.All the best.

Wow what a well written article on your experience! Great to have all the insights from your article! Keen shining

Congratulations!! Excellent write-up. So very proud of you

Dr Ajay, I read your experience in LSE,your visit to Babasaheb house in London,your visit other Universities.you got opportunity to present your research article at this prestigious platform. Also you honour by BHIM SPHURTI award. I was feeling very happy as I seen your journey from your childhood,from ground,this achievement is really like a dream . Good luck for your future development.

Truly Dr Ambedkat was an inspiration. Dear Prof Dhawale what a well earned honour to share your excellent research on such a great man at an eminent place. I thoroughly enjoyed sharing your journey through this article. Best wishes to you always.

Congratulations on having your experience at the London School of Economics featured on their History Blog, Professor Dr Ajay Dhawale. It’s inspiring to read about your journey and the insights you’ve shared. Your dedication and achievements are truly commendable, and it’s fantastic to see them recognized on such a prestigious platform. Your overall experience in the United Kingdom is truly enriching and inspires one to visit too.

Dear Ajay, To read this memoir is really an emotional as well as a proudest moment. You dreamed and achieved. I am sure you will not stop working in this field. I congratulate you for this amazing achievement.. My all the best wishes to your destined path which leads you into the sky to shine more and more !!!!

Dr. Ajay Dhawale, Congratulations for the award and presentation. I really appreciate your efforts in dissemination of knlowedge about Dalit literature at global level. LSE is a place of inspiration because Dr Ambedkar is a PhD scholar from LSE, a symbol of knowledge. You are really fortunate enough to observe and experience the greatness of LSE. Best wishes ahead.

sir first of all congratulations for sharing your experience with us. Your experience is indeed very memorable and your contribution to it is great. Also your article is mesmerizing.

Respect sir, I really appreciate with your efforts your journey and I am feeling happy for your teaching as a student and proud of you sir .no doubt about ur knowledge and this reason again and again other countries invite you.. keep it up sir and congratulations about your all educational life journey start to up till ….for a new generation you are always powerful example and once again all the best ahead..

Dr. Dhawale, presenting your research at LSE and receiving the BHIMSFURTI award at Ambedkar House in London is a true homage to Dr. Babasaheb Ambedkar’s legacy. Your achievements are not only inspiring but also pave the way for many grassroots researchers to connect globally. I’m confident you will continue to build bridges and make significant contributions.

Congratulations, dad!! The dedication and hard work for this achievement of yours created a great impact on me. I’m so proud of you! This is one of the proudest moment for me and I’m soo happy for your achievement. Waiting to see the impact of your story on others !! Shine bright and bright like always you do 🙌🏽

Dear Sir, Hearty congratulations ! This accolade is a reflection of your talent, hard work, and perseverance. Your excellence in your field has truly set you apart and about article…..what a great piece of writing! It seems you put all your heart into it. You are an inspiration for me. Keep shining and conquering new hights.

Dear Sir, Hearty congratulations ! This accolade is a reflection of your talent, hard work, and perseverance.Your excellence in your field has truly set you apart..and what a great piece of article! It seems you put your heart into it.You are an inspiration for me. Keep shining and conquering new hights.

Dear Sir! Hearty congratulations! This accolade is a reflection of your talent, hard work, and perseverance.Your excellence in your field has set you apart. ….and what a great piece of article! It seems you put your whole heart into it. You have a way with words.You are an inspiration for me. Keep shining and conquering new hights. All the best.

Many Many Congratulations Doctor… LSE is everyone’s dream place who still facing the all kind of discrimination and humiliation due their caste location in the society. As Dr. B R Ambedkar said ,”Ours is a battle not for wealth; nor for power, ours is a battle for freedom; for reclamation of human personality” we should assertive at many facets of life. Doctor you did this continually throughout your work. I really feeling proud of you for your active participation at LSE conference. Once again salute to you and all the very best for your future endeavours…

Dear Sir! Hearty congratulations for your great achievement. What a great piece of writing! It seems you put your whole heart into it. This accolade is a reflection of your talent, hard work, and perseverance. You are an inspiration for me. Keep shining and conquering new hights. We all proud of you.

Hearty Congratulations Prof. Ajay Dhavle for your contribution.

Congratulations sir for achieving this great success and best wishes for your future journey. I am very lucky to have teacher like you !

Hearty Congratulations Sir! A wonderful account of the beautiful journey towards excellence! It’s not only interesting and well-articulated but also an exuberant piece of your experience to the readers. Keep up your stepping up the new horizons.

Professor Dr. Dhawale, hearty congratulations on presenting an original paper at LSE. It fills me with pride that you have achieved something rare and memorable. I am doubly proud that your paper was connected with the writings of Dr. Ambedkar. Thank you for sharing your wonderful experience with others through the blog. Best wishes for all future endeavors!

Thankyou for sharing your expertise with us. your contribution to the field is valuable. Your article and presentation was truly thought provoking. I am proud and grateful for the opportunity to learn from you.

It’s wonderful to know about your experience, young scholars will be inspired by your feat

Dear Ajay Dhawale Sir, Your recount of the conference at LSE is profoundly moving and inspiring. It is evident that your journey to London and your participation in the event were not just professional milestones but deeply personal achievements as well.Your vivid description of London, the conference, and your visits to other prestigious universities paints a picture of an intellectually and culturally fulfilling journey. The Bhim Sphurti award on Ambedkar Jayanti further highlights the recognition of your efforts and contributions to the field. Thank you for sharing your experiences. They serve as a powerful reminder of the impact of perseverance, the value of dreams, and the lasting influence of visionary leaders like Dr. Ambedkar.

Dear Ajay Dhavle,

Heartiest congratulations on the incredible achievement of presenting your paper at the London School of Economics! This is a remarkable opportunity that truly reflects your hard work and dedication. Wishing you continued success in your academic journey!

Best regards, [UDAY BARGE ]

Ajay, Hearty congratulations! Very happy for you and feel proud as I read your this article.. even though you are an established academic today, yet, I see an old friend , a shy classmate ever ready to help people in need coming out brilliantly penning his ideas and experiences. Keep it up! Pray for your success. May you rise and rise in life!

Congratulations, Prof. Dr. Dhawale, sir! Your recount of your trip to London is truly inspiring. It’s clear how passionate you are about Dr. Ambedkar’s work and social justice. The conference sounds like a fantastic event. 

Sir , the blog is an excellent example of presenting the impact a valuable n enriching experience lives on a person ! It is like a map that reads your feelings and emotions . Your hard work , perseverance , dedication towards your work n intense faith you have in the Ambedkarite movement is all evident . Moreover your academic excellence n subject knowledge is no doubt very high . I wish you get more and more opportunities like these to prove your excellence n serve the society .

Dear Sir, Your journey to London School of Economics is commendable. Heartiest Congratulations again for such profound and fantabulous opportunity of presenting a paper at LSE.Learning is a lifelong enriching journey. We are incredibly grateful to be your students! Your blog is an inspiration for young research scholars. Thank you for sharing your dreamy experience with us through blog.

Great Sir! We Proud of You Sir. This is so inspiring journey, Your words motivates us. You are always a Great Teacher and Guide. We learn lots of things from you. Thanks for sharing this beautiful article with us, It’s trully amazing and inspirational.

Hi Dr. Ajay Dhawale, this is a lovely post. I enjoyed it very much. It is a dream of every scholar to visit prestigious LSE. You took on a ride to London and LSE through your words. Congratulations on your wonderful achievement.

Well done Prof. (Dr.) Ajay Arun Dhavale. We are so happy to read your beautiful journey and may your journey be filled with continued success! Your personal milestone is a symbol of your growth, resilience, and unwavering commitment. Congratulations on this remarkable achievement. May it inspire you to reach even higher and continue to make a positive impact.

Dr Ajay sirji heartily congratulations & we all proud of you for achieving this great success,and best of luck for your future.

Congratulations, Dr.Ajay, your experience at LSE is remarkable & motivating. The research paper must be commendable. The memoire really made me proud to be your friend. Best wishes for future endeavors.

Dear Sir Heartiest congratulations for your achievement. Thank you for sharing your wonderful experience at LSE. The article beautifully intertwines personal reflection with scholarly insights, underscoring the enduring impact of Dr. Babasaheb Ambedkar’s ideas on contemporary discourse.”

Dr. Ajay Dhawale, Hearty congratulations! What else is happiness like the dream we have seen and its actual realization? The source of inspiration for Dalit literature on the occasion of Dr. Babasaheb Ambedkar’s birth anniversary, getting a chance to present a paper on the vision of Dr. Babasaheb Ambedkar and Dalit literature in English was a unique opportunity and you took advantage of this opportunity. Presenting a paper based on Dr. Babasaheb Ambedkar’s subject at the place where he received his higher education is not only an emotional affair but also an ideological and social change. It is a matter of pride that you have presented a paper with great effort and intellectual depth in such a place. Really, its a very proud moment of you and also we. Its great achievement. Best of Luck for your future dream.

Great work sir …

Congratulations!! Amazing achievement sir

Dear sir Congratulations! Thank you for highlighting the importance of academic discourse and the vibrant atmosphere of London. Your dedication to our education is greatly appreciated! You’ve been a constant source of inspiration.

Dear sir Congratulations! Thank you for highlighting the importance of academic discourse and the vibrant atmosphere of London. Your dedication to our education is greatly appreciated! You have been constant source of inspiration.

💐💐 Congratulations Dr.Ajay Dhavale. We are proud of you . Keep it up always. Best wishes for future endeavours 💐🌹🪷🌷🌺🙏🙏🙏

Dear Ajay, To say that I am proud of your achievement is indeed an understatement! Who doesn’t dream of studying at or atleast visiting LSE? But you have lived that dream and it certainly has required focused and dedicated work on your part. I think the conference has given a fitting tribute to Dr. Ambedkar’s vision by showcasing it’s profound impact on social justice. I wish you all the very best and many more such opportunities! I would love to read your paper.

Dear Dr Ajay, I must congratulate you on your great achievement and thank you very much for sharing your experiences at LSE. Your dedication to knowledge, countless efforts, and sincerity towards learning make you different from the rest. It is an excellent write-up that took us to London and made us imagine the whole scenario. It aptly describes your journey and excitement of visiting to this historically significant place where legendary figure Dr Bhimrao Ambedkar spent valuable days of his life. It is an enriching experience for all. I wish you good luck for your future endeavours. Have a fruitful year ahead!

Dear Dr. Ajay Dhawale It was nice to read about your visit to the LSE.  The description of the journey is so vivid that it captures readers’ attention.  It must have been an exciting and enriching experience for you to present a research paper at the historical place where Dr. Ambedkar studied. I am happy to know that your research paper has been appreciated by international scholars and you have received the coveted award, ‘Bhim Sphurti Award’. Hearty Congratulations! You have got a flair for writing. Keep it up! Best wishes Dr. Ravindra Mhasade

Congratulations sir! Great journey.

Excellent piece of writing sir, congratulations, keep it up.

Heartiest congratulations!

Your remarkable work and contribution to English literature have truly been inspiring. Presenting your research at the London School of Economics (LSE) conference in honor of Dr. B. R. Ambedkar’s PhD thesis anniversary is a prestigious achievement. It’s a proud moment for all of us, your disciples, to see you walk the halls of LSE, where Dr. Ambedkar himself studied. Your paper was exceptionally well-received, and the “Bhim Sphurti Award” you received on Ambedkar Jayanti is a testament to your unwavering commitment to social justice.

We couldn’t be more proud!

Congratulations, Dear Dr. Ajay Dhawale, on your remarkable achievement of presenting your research at the London School of Economics during the centenary celebration of Dr. B R Ambedkar’s thesis, “The Problem of the Rupee.” Your paper on “Dr. B. R. Ambedkar’s Vision and the Resilience of Dalit Literature and Cultural Transformation” is a significant contribution to the ongoing dialogue on social justice and inclusive development. The recognition you received, including the Bhim Sphurti award, underscores the impact of your work. Your journey and dedication honor Dr. B. R. Ambedkar’s legacy and inspire us all. Well done, and best wishes for your continued success!

Respected Sir,

Honorable Sir,

Heartiest congratulations!!!!

Your remarkable work and contribution to English literature have truly been inspiring. Presenting your research at the London School of Economics (LSE) conference in honor of Dr. B. R. Ambedkar’s PhD thesis anniversary is a prestigious achievement. It’s a proud moment for all of us, as your disciples, to see you walk the halls of LSE, where Dr. Ambedkar himself studied. Your paper was exceptionally well-received, and the Bhim Sphurti Award you received on Ambedkar Jayanti is a testament to your unwavering commitment to social justice.

Dear Sir Heartiest Congratulations!!! Your work and contribution to English literature have truly been inspiring. Presenting research at the London School of Economics conference in honor of Dr.B.R. Ambedkar’s PhD thesis anniversary is respected achievement. It’s a proud moment for us to see you walk the hall of LSE ,where Dr. Ambedkar studied. Your paper was exceptionally well received. The Bhim Sphurti Award you received on Ambedkar Jayanti is a testament to your commitment to social justice.

We couldn’t be more proud !!!

Dear Sir congratulations!!!

“Dear Prof. Ajay Dhawale,

I just finished reading your blog post ‘From Dream to Reality: My Unforgettable Journey to the London School of Economics’ and I’m thoroughly impressed! Your writing style is engaging, authentic, and inspiring. The way you shared your journey, from aspiration to achievement, is truly captivating.

Please accept my warmest congratulations on presenting your paper at the prestigious London School of Economics. This is a remarkable accomplishment, and your story serves as a motivation to many.

Best regards,

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"No More Worlds Here for Him to Conquer" – Dr B R Ambedkar at LSE January 29th, 2016

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Why publication of b.r. ambedkar's thesis a century later will be significant, a contemporary relevance of the thesis, written as part of ambedkar's msc degree at the london school of economics, is that it argues for massive expenditure on heads like defence to be diverted to the social sector.

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Now, over a century after it was written, Ambedkar’s hitherto unpublished thesis on the provincial decentralisation of imperial finance in colonial times will finally see the light of the day. The Dr Babasaheb Ambedkar Source Material Publication Committee of the Maharashtra government plans to publish the thesis that was written by Ambedkar as part of his MSc degree from the London School of Economics (LSE). The thesis, ‘Provincial Decentralisation of Imperial Finance in British India’, will be part of the 23rd volume of Ambedkar’s works to be published by the committee and will give a glimpse into the works of Ambedkar, the economist. Notably, the dissertation argues for expenditure on heads like defence to be diverted for social goods like education and public health.

The source material committee, which was set up in 1978, has published 22 volumes on Ambedkar’s writings since April 1979. “This volume will have two parts. One will contain the MSc thesis and the other will have communication and documents related to his MA, MSc, PhD and bar-at-law degrees,” confirmed Pradeep Aglave, member secretary of the committee. He added that the MSc thesis had been submitted to the LSE in 1921. Veteran Ambedkarite and founder of the Dalit Panthers, J.V. Pawar, who is a member of the committee, said it was significant that the thesis was being published over a century after it was written. Pawar played a pivotal role in ensuring that the committee was set up.

“This work deals with taxation and expenditure. The contemporary relevance of this thesis is that it seeks a progressive taxation based on income levels. Ambedkar argued that expenditure on heads like defence was huge and this needed to be diverted to social needs like education, public health, and water supply,” said Sukhadeo Thorat, economist and former chairman of the University Grants Commission (UGC). Thorat was among those instrumental in the source material committee getting a copy of the thesis from London.

“The sixth volume (1989), published by the source material committee, contains Ambedkar’s writings on economics. This includes his works like ‘Administration and Finance of the East India Company’ (1915) and the ‘Problem of the Rupee: Its Origin and Its Solution’ (1923). However, this MSc thesis on provincial finance could not be included in it because it was not available then,” said Thorat.

J. Krishnamurty, a Geneva-based labour economist located the MSc thesis in the Senate House Library in London and approached Thorat who, in turn, communicated with Gautam Chakravarti of the Ambedkar International Mission in London. Santosh Das, another Ambedkarite from London, paid the fees for permission to reproduce the work in copyright. The soft copy of the thesis was sent to the source material committee on November 18, 2021.

In addition to the MSc thesis, the communication and letters related to his academics, such as the MA, PhD, MSc and DSc and bar-at-law including LLD (an honorary degree that was awarded to Ambedkar by the Columbia University in 1952after he finished drafting the Constitution of India, which remains one of his most significant contributions to modern India), were also arranged and compiled by Krishnamurty, Thorat and Aglave. This also includes the courses done by Ambedkar for his MA and pre-PHD at the Columbia University. These details are being published for the first time.

Ambedkar’s biographer Changdev Bhavanrao Khairmode, writes how Ambedkar worked untiringly in London for his MSc. Ambedkar secured admission for his MSc in the LSE on September 30, 1920 by paying a fee of 11 pounds and 11 shillings. He was given a student pass with the number 11038.

Ambedkar had prepared for his MSc in Mumbai, yet he began studying books and reports from four libraries in London, namely the London University’s general library, Goldsmiths' Library of Economic Literature and the libraries in the British Museum and India Office. In London, Ambedkar would wake up at 6 am, have the breakfast served by his landlady and rush to the library for his studies. Around 1 pm, he would take a short break for a meagre lunch or have just a cup of tea and then return to the library to study till it closed for the day.

“He would sleep for a few hours. He would stand at the doors of the library before it opened and before others came there,” says Khairmode in the first volume of his magisterial work on Ambedkar (Dr Bhimrao Ramji Ambedkar, Volume I) that was first published in 1952. The library staff in the British Museum would tell Ambedkar that they had not seen a student like him who was immersed in his books and they also doubted if they would get to see one like him in the future!

The volume also contains a letter written by Ambedkar in German on February 25, 1921 to the University of Bonn seeking admission. Ambedkar wanted to study Sanskrit language and German philosophy in the varsity’s department of Indology. In school, Ambedkar was discriminated against on grounds of caste and not allowed to learn Sanskrit. He had to learn Persian instead. Ambedkar secured admission to Bonn University but had to return to London three months later to revise and complete his DSc thesis.

Ambedkar completed his DSc in 1923 under the guidance of Professor Edwin Cannan of the LSE on the problem of the rupee, which is described as a “remarkable piece of research on Indian currency, and probably the first detailed empirical account of the currency and monetary policy during the period”.

Ambedkar was among the first from India to pursue doctoral studies in economics abroad. He specialised in finance and currency. His ‘The Evolution of Provincial Finance in British India: A Study in the Provincial Decentralisation of Imperial Finance (1925)’, carried a foreword by Edwin R.A. Seligman, Professor of Economics, Columbia University, New York. Ambedkar also played a pivotal role in the conceptualisation and establishment of the Reserve Bank of India (RBI) in 1935.

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BR Ambedkar in London: A thesis completed, a treaty concluded, a ‘bible’ of India promised

An excerpt from ‘indians in london: from the birth of the east indian company to independent india’, by arup k chatterjee..

About two decades ago, when [Subhash Chandra] Bose was still at Cambridge, a letter dated September 23, 1920 arrived at Professor Herbert Foxwell’s office at the London School of Economics. It was written by Edwin R Seligman, an economist from Columbia University, introducing an exceedingly talented scholar – Mr Bhimrao Ramji Ambedkar. Two months later, Foxwell wrote to the secretary of the School that there was no more intellect that the Columbia graduate could conquer in London.

The first Dalit to study at Bombay’s Elphinstone College, Ambedkar, was awarded a Baroda State Scholarship that took him to Columbia University in 1913. Three years later, he found his way to London, desirous of becoming a barrister as well as finishing a doctoral dissertation on the history of the rupee. Ambedkar enrolled at Gray’s Inn, and attended courses on geography, political ideas, social evolution and social theory at London School of Economics, at a course fee of £10.10s.

In 1917, Ambedkar was invited to join as Military Secretary in Baroda, earning at the same time a leave of absence of up to four years from the London School of Economics. Back in India, he taught for a while as a professor in Sydenham College in Bombay, while also being one of the key intelligencers on the condition of “untouchables” in India for the government, during the drafting of the Government of India Act of 1919.

In late 1920, Ambedkar was to return to London, determined more than ever before, not to spare a farthing beyond his breathing means on the city’s allurements. Each day, the aspiring barrister woke up at the stroke of six. After a morning’s morsel, he moseyed into the crowd of London to find his way into the British Museum.

At dusk, he would leave his seat reluctantly – after being made to scurry out by the librarian and the guards – his pockets sagging under the notes that would finally become his thesis, The Problem of the Rupee , some of whose guineas would eventually find their home in the Constitution of India that he was going to author about three decades later. Back at his lodging at King Henry’s Road in Primrose Hill, mostly on foot, Ambedkar would live on sparsely whitened tea and poppadum late into the night.

It was here that the daughter of Ambedkar’s landlady, Fanny Fitzgerald, a war widow, found her affections strangely swayed by the Indian scholar. Fitzgerald was a typist at the House of Commons. She lent him money in difficult circumstances and volunteered to introduce him to people in governance, with whom he could discuss the Dalit question that was raging in India.

An apocryphal story goes that Miss Fitzgerald once gave Ambedkar a copy of the Bible. On receiving it, the future Father of the Indian Constitution promised to dedicate a bible to her of his own authoring. True to his commitment, he would fondly dedicate his book What Congress and Gandhi Have Done to the Untouchables (1945) to “F”. The incident, when that promise was exchanged, occurred after Ambedkar was called to the Bar in 1923.

In March that year, his doctoral thesis ran into trouble possibly because of its radical approach to the history of Indian economy under the British administration. He might have taken the subtle hint that passages in his work needed tempering – a notion that a man of his vision was likely to have quietly pocketed more as a compliment than an insult.

Ambedkar would have been happy to chisel the nose from his David for the show, like Michelangelo had four centuries ago in order to appease the connoisseur-like pretense of Piero Soderini, who had quipped, “Isn’t the nose a little too thick?” That done, Ambedkar resubmitted his thesis in August. It was approved two months later and published almost immediately thereafter. He expressed gratitude to his professor, Edwin Cannan, who, in turn, wrote the preface to his thesis, before Ambedkar travelled to Bonn for further studies.

Babasaheb, as he was now beginning to be called, was to return to London for each of the three Round Table Conferences held between 1930 and 1932. Two months before the Third Round Table Conference – in which both Labour and the Congress were absentees – Ambedkar and Gandhi reached a historic settlement in the Poona Pact. In September 1932, from the Yerwada prison near Bombay, Gandhi began a fast unto death protesting against the Ramsay MacDonald administration that was determined to divide India into provincial electorates on the basis of caste and social stratification.

In the pact signed with Madan Mohan Malviya, Ambedkar settled for 147 seats for the depressed classes. But the pact to which he was forsworn – tacitly made in London with Fanny Fitzgerald – that of writing the bible of modern India, was brewing like a storm that would take the form of an open battle between him and Gandhi, in the years of the Second World War.

Despite the strong network of Indians at the London School of Economics, Ambedkar chose not to hobnob with India League members. What might have been a sort of marriage-made-in-heaven between him and [VK Krishna] Menon was forestalled. If Menon was Nehru’s alter ego, he would also be instrumental in shaping the early career of the man to become an alter ego – principal secretary –to Indira Gandhi.

In the winter of 1935, a twenty-something Parmeshwar Narain Haksar arrived in London, enrolled as a student at the University College. The following year, he made an unsuccessful attempt for the civil services. In 1937, Haksar became a Fellow of the Royal Anthropological Institute, a distinction conferred on him with support from noted anthropologist Bronislaw Malinowski.

Although Haksar also studied at the London School of Economics, it probably never became public knowledge if he had acquired formal degrees from either university. Whether or not he did, as a scholar he commanded great attention from British intellectuals, especially in his arguments on the crisis of education in India, which he reckoned had been tailored to perpetuate British imperial interests and low levels of literacy in the colony.

Haksar was to be called to Bar at the Lincoln’s Inn, but, at the beckoning of Nehru, he would join the Indian Foreign Service in 1948. His red days in London were to yield him lifelong companions. In the 1930s, the Comintern came up with the policy of hatching popular fronts all across Europe with which to counter the growing threat of Nazism and Fascism. It was a phase in European ideologies that strongly affected British politics, and popular movements led by Labour leaders and student communists in London – a cosmopolitan and unswervingly left-leaning outlook that shaped much of the administration and policies of independent India until the years of the Emergency.

A socialist himself, Haksar held an influential position in the Federation of Indian Societies in UK and Ireland besides becoming the editor of its magazine, The Indian Student . His links with the Communist Party of Great Britain, Rajani Palme Dutt and the Soviet undercover agent at Cambridge, James Klugman – indeed with almost anyone of some consequence who supported the cause of Indian liberation – was more than enough for Scotland Yard to keep him closely watched in London.

In September 1941, when the India League organised a commemoration at the Conway Hall in Red Lion Square for the late Rabindranath Tagore a few months after his demise, Scotland Yard obliged by adding a leaf to their surveillance files. Inaugurated by M Maisky, a Russian ambassador, it was just one in a sea of events concerning India that the Yard and other intelligencers of His Majesty’s Government would tolerate during the interwar years. Almost all such gatherings featured subversive pamphlets and books published by the League and similar organisations that were openly lauded by Soviets and Soviet sympathisers.

It was just as well that Nehru also had to tolerate that under the shield of Haksar’s own watch a new romantic plot thickened around Primrose Hill, that of his daughter Indira and future son-in-law, Feroze. Feroze had his flat at Abbey Road and Haksar lived half a mile away, at Abercorn Place. Haksar was befriended by the Gandhis – Indira and Feroze – who introduced him to Sasadhar Sinha of the Bibliophile Bookshop. That, besides the India League and Allahabad connection, not to mention Haksar’s enviable culinary skills, ensured that he was soldered to the future of the Gandhis.

The future of the man who had leant the family his coveted surname would also take a blow on the burning issue of caste. Gandhi was not to be remembered as the sole nemesis of the British Empire. In an interview given to the BBC in 1955, Babasaheb indicated that one of the biggest reasons behind Clement Attlee handing over the reins of the Indian administration so suddenly was the persistent fear of a massive armed uprising in the colony.

He implied that the road to independence had already been paved by the Azad Hind Fauj brigadiered by Netaji. Bose had departed from London during Ambedkar’s days in the London School of Economics. But, he would return in Haksar’s time.

Dr. Ambedkar’s Education Degree list, Qualification

Apart from two master’s and Bar-at-Law, he had four doctoral degrees plus he knew several European languages (and quite a few Indian languages including Sanskrit). He also wrote the Pali language dictionary and was the first person from South Asia to have been conferred a Degree of Ph.D. in Economics. Dr. Ambedkar was only 24 years old when he wrote his paper on “Castes in India – Their Mechanism, Genesis, and Development”. In his paper, he challenged many well-established scholars who had already written on caste.

What are Dr.Ambedkar’s educational qualifications?

Below is Dr. Ambedkar’s education history , starting with elementary education. It is almost impossible to state his extraordinarily vast educational experience. No wonder he is also popularly known as the “ Symbol of Knowledge ”

• Elementary Education, 1902 Satara, Maharashtra
• Matriculation, 1907, Elphinstone High School, Bombay Persian, etc.,
• Inter 1909, Elphinstone College, Bombay-Persian and English
• B.A, 1913, Elphinstone College, Bombay, University of Bombay, Economics & Political Science
• M.A, 1915 Majoring in Economics with Sociology, History Philosophy, Anthropology, and Politics
• Ph.D., 1917, Columbia University conferred a Degree of Ph.D.
• M. Sc 1921 June, London School of Economics, London. Thesis – ‘Provincial Decentralization of Imperial Finance in British India’
• Barrister-at- Law 30-9-1920 Gray’s Inn, London
• (1922-23, Spent some time reading economics in the University of Bonn in Germany.)
• D. SC Nov 1923, London School of Economics, London ‘The Problem of the Rupee – Its origin and its solution’ was accepted for the degree in Economics
• L.L.D (Honoris Causa) 5-6-1952 Columbia University, New York For his achievements, Leadership and authoring the constitution of India
• D.Litt (Honoris Causa) 12-1-1953 Osmania University, Hyderabad For his achievements, Leadership, and writing the constitution of India 

Even though Dr. Ambedkar is well known as one of the greatest intellectuals of his time, ethics were more important to him than intellectual acumen because he knew that ethical people were more likely to be of greater service to society than mere intellectuals. If they were both, ethical and intellectual, that would be of the greatest value to humankind.

What makes Dr B.R Ambedkar even greater is that he came from the most humble background with an almost impossible task of rising to the heights that he did, eventually becoming the chief architect and chairman of the drafting committee of the Indian constitution, a symbol of knowledge and a champion of human rights. To begin with, Dr Ambedkar had nothing more than his personal qualities to rely upon and the most fantastic dream of liberty, equality, fraternity, and justice for all. His name will always be amongst the greatest in Indian history.

[ This article was appeared first in Global Ambedkarite and written by Anti caste Activist Shekhar Bodhakar ]

​ All About Ambedkar  

Issn 2582-9785, a journal on theory and praxis, on economics, banking and trades: a critical overview of ambedkar's “the problem of the rupee”.

Janardan Das

The Problem of Rupee is 257-page long paper written by Dr. B. R. Ambedkar that he presented as his Doctoral thesis at the London School of Economics (LSE) in March 1923. In it, Ambedkar tried to explain the troubles that were associated with the national currency of India - the Rupee. He argued against the British ploy to keep the exchange rate too high to facilitate the trade of their factory products.

In this article, I have tried to summarize the aforesaid book by Dr. Ambedkar. I have also tried to focus on how he advances his speech depicting the ups and downs of the Indian economy and currency. He introduces us to the characteristics of trade and business in our country even from the time when it was divided into several monarchical regions. He proclaims that in our country, the trade of any product had been conducted through the exchanges of money and those particular products. So evidently our merchant society is typically crowned as a pecuniary society that only runs on money.

Quoting W. C. Mitchell, Ambedkar reiterates that economists say money is pivotal to every individual in a society. And without the use of money, the distribution of anything can be a matter of disagreement and disturbance. In the next few lines of his speech, in the first chapter, he describes how the standards and currency were in the time of the Mughal empire and he certainly mentioned that the economic condition of the country was far better than that of today's, because it had a world-wide boundary of trade and free use of gold mohur and the silver rupee . Actually, before the administrative and financial invasion of British, Gold and silver were the inevitable parts of the medium of exchange without any fixed ratio. Hindu emperors and the Muslim emperors had some similarity in their trading features- both of them had a permissible use of metal coin in their empire but in the Mughal empire silver coins were at the center of currency, and later gold coins took that place in the Hindi empires. Mohur and rupee were similar in size, weight and composition. But the silver currency was unknown or more precisely unpopular to the southern part of the great Indian sub-continent because of the failure of Mughal administration. Instead of such coins, they normalised pagoda , the ancient gold coin traditioned from the time of Hindu kings. Mughals made allowances to recuperate the problems regarding faulty technology of the mints. Dr. Ambedkar observes that Mughals had initiated a system of provincial mints that had been maintained or ruled by a single unit or division. That made it easy to examine the issues related to monetary funds or mints. But later, these issues continued to be grow larger and made the poor and ignorant people suffer. He also tried to conjugate the great re-coinage of 1996 (?) . In the last half of the chapter, Ambedkar compared the coins as well as the rupee in every possible way.

Our country was divided into three presidencies during the British rule. So the British government set their target to change the parallel standard popular in Mughal times into a double standard by establishing an authorised ratio of exchange between pagoda , rupee , and mohur . But somewhere their effort partially went in vain. He gave a pictorial glimpse of how Bengal took this effort and tried to fix that ratio. Mainly, these types of attempts were taken and recommended by the Court of directors. But these steps were left to carry out by many of the provincial governments of India. In the first chapter of the problem of the rupee, Dr. Ambedkar explained how silver standards had been established through the vanishing of gold currency and how it had been supplemented by the paper currency. He also retorted how the Act XXIII of 1870 actually introduced nothing new - neither the number of the coins authorised by the mints nor its tender-powers. Rather, it helped just to make some improvements in monetary laws. Since the invention of coinage people always thought that the actual value of the coin can be exact with the price of the coin legalised by the mint. So according to him, the exact value of the coin can’t however always be the same as the certified value. That’s why in foreign countries, coins will not be legal tender if they vary from their legal standards beyond a certain limit. So, making coins legal tender without defining a certain limit to its toleration certainly makes way to cheat. Convincingly, the Act set a certain legal limit to the coins of its tolerance. The act also made an improvement that was to recognise the principle of free coinage. But we can not say that this principle of free coinage was perfect in every possible way as Ambedkar himself once said in this chapter that the principle had not been paid that much attention it deserved. Though it was the very basis of well-established currency in that it has an important bearing on the cardinal question of the amount of currency inevitable for the transactions of the people. According to Ambedkar, to solve this problem, two ways can be very useful to regulate such a huge quantity of transactions. One possible way is to close the mints and to leave it to the judgment of the government to handle the currency to suit our needs. The other way is to keep the mint as it is and to leave it to the self-interest of individuals to determine the amount of currency they need. Ambedkar aptly indicated both of the similarities and contradictions of the above-mentioned Act with the other ones where surely, he finds its incapability to regulate such a large quantity of currency.

In the introduction to the third chapter, Ambedkar was concerned about the economic results of the disturbance of the ‘par’ of exchange and he narrates it as the most “far-reaching character”. Our economic world can be sectioned into two neatly defined groups of people. These two categorised community had learned to use gold and silver and their standard money or purchasing standards. By giving a reference to 1873, he said that when a large amount of gold becomes equal to a large amount of silver, it barely matters for international transactions. It doesn’t make so much difference in which of the two currencies its obligations were stipulated and realized. But due to the dislocation of the fixed ratio or par, it becomes hard to indicate particularly how much silver is equal to how much of gold from one year to another, even from month to month. This exactitude of value which is the pivotal potential of monetary exchange, makes space for ambiguities of gambling. So, flatly all countries weren’t drawn to this center of perplexities in the same degree and the same extent; but yet it’s impossible for a nation which is a part of the international commercial world to escape from being dragged into it. This was true of our country as it was of no other country. India was a silver-standard country bound to a gold-standard country, so that her economic and financial picture was at “the mercy of blind forces operating upon the relative values of gold and silver which governed the rupee-sterling exchange.” Later in the discussion, Ambedkar pointed out the burdens of Indian economy and introduced us to an index [Table-XI] chart regarding the rupee cost of gold payments which showed data from year to year. If we give pay attention to the points figured out by Ambedkar, we can see that these burdens never stop, rather it’s been increasing day by day. Gradually, it caused various policies of high taxations and rigidity in Indian finance. Dr. Ambedkar brilliantly analysed Indian budgets between 1872-1882 and he proved that hardly a year passed without making an addition to the everlasting impositions on the country. He also analysed the information found in Malwa Opium Trade and was able to find errors in the economic policies of the Indian government. The taxes that the government standardized in these trades probably help the Indian economy to feel secure around the end of 1882. The government started exercising the virtue of economy along with the increment of resources. They found cheap agency of native Indians instead of employing imported Englishmen. And it was easy to use native intellect because the Educational Reforms of 1853 clearly says about the access of natives in Indian Civil Service. Thus, he finds the British try to set up a strong economy in India under the British Raj.

In the fourth chapter of the book, Ambedkar focuses on how the establishment of a stable economic system was dependent upon the re-establishment of a common standard of value. As it was the purpose just to normalise a common standard of value, its fulfillment was by no means an easy matter. The government found mostly two ways to make an experiment or practice. First thing was to declare any of the common metal as the standard currency and the second was to let gold and silver standard countries keep to these metal currencies and to establish a fixed ratio of exchange as to turn these to metal into a common standard of value. The first idea of normalising metal currency other than gold and silver was to make other countries leave their standards in favour of gold. If we look back at the history of movements for the reform of the Indian currency, we will mainly find two movements. The movement that led to introduce a gold standard first occupies this field. Dragging a reference to a ‘Report of the Indian Currency Committee’ of 1898, Dr. Ambedkar said that the notification of 1868 had bluntly failed and this failure doesn’t affect the history because the movement had already started earlier in the sixties and the movement had still life in it. Clearly, it is shown by the fact that it was revived four years later by Sir R. Temple, when he became the Finance Minister of India, in a memorandum dated May 15, 1872.

In the next few lines, Dr. Ambedkar talks about the second movement for the introduction of the gold standard that was conducted by Colonel J. T. Smith, the able Mint Master of India. Frankly, Dr. Ambedkar mentioned that his plan was a redress for the falling exchange. In this topic, he quoted the actual speech of Smith that was published in 1876 in London. Depicting the whole principle behind the presentation of J. T. Smith, Baba Saheb found it was considerably supported by the fall of silver in British India.

Now in the fifth chapter, we come to know that once somewhere Indian economic system felt that the problem of an erosive rupee was favourably dissolved. The long-lasting concerns and niceties that lingered over a long period even for a quarter of the century could not but have been successfully compensated by the adoption of a redress like the one mentioned in the fourth chapter. But unfortunately, the system originally planned, failed to be designed into reality. In its place, a system of currency in India grew up which was the very reverse or contradictory of it. A few years later when the legislative sanction had been shown the recommendations and suggestions of the Fowler committee, the Chamberlain Commission on Indian Finance and Currency said that the government contemplated to adopt the recommendations made by the committee of 1898, but the contemporary system utterly differs from the plan and had some common feature with the theory and suggestions made by Mr. A. M. Lindsay.

According to Mr. Lindsay’s scheme, he emphasised on how to turn the entire Indian currency to a rupee currency; the government was to give rupees in almost every case in return for gold, whereas gold for rupees only in foreign dispatch of money. The project was to be implicated through the assistance in between of two offices, one was in London and the other located in here, India. The first was to sell drafts on the latter when rupees were wanted and the latter was to sell drafts on the former when gold was wanted. Unbelievably, the same or similar system prevailed in our country. It was rejected in 1898. Then gradually paper currency came up to the Indian economic realm and two reserves one of gold and other of currencies left other than gold. Ambedkar had lengthened his discussion over Indian currencies after these events.

In the sixth chapter of the book, Dr. Ambedkar said about a memorable thing that was to remind the time when all the Indian Mints were shut down to the free coinage of silver. and the economic world in India was surely divided into two parties, one in favour of the step and the other stood in opposition to the closure of the mints. Being placed in an embarrassing and contradictory position by the fall of the rupee, the British Government of the time felt anxiety to close the Mints and increase its value with a conception to sigh in relief from the burden of its gold payments. Whereas it was requested, to produce an increment of interest of the country, that such accretion in the exchange value of the rupee would cause a disaster to the entire Indian trade and industry. One of the reasons, it was argued, why the Indian industry had advanced by such leaps and bounds as it did from 1873 to 1893 was to be found in the bounty given to the Indian export trade by the falling exchange. If the fall of the rupee was discovered by the Mint closure, everyone feared that such an event was certainly bound to cut Indian trade both ways. It would give the silver-using countries a bounty as over against India and would deprive India of the bounty which is obtained from the falling exchange as over against gold-using countries.

However, in the seventh as well as the last chapter of the book, Ambedkar examined the system of the economy that was advancing towards the changes of the exchange standard in the light of the claim made on behalf of it. Though it is very much a matter of uncertainty and hard to explain the history of Indian banking, but sure if being followed, it will be easy to interpret the market, values of products. Unmistakably, the works of Ambedkar led the nation towards the development and advancement of its economics and international banking and trades.

Works Cited

Ambedkar, B. R. History of Indian Currency and Banking. Butler & Tanner Ltd.

______________. The Evolution of Provincial Finance in British India. P. S. King & Son Ltd., 1925.

______________. The Problem of the Rupee. P. S. King & Son Ltd., 1923.

Author Information

Janardan Das studies English literature at Presidency University, Kolkata.