There, gold would be purchased with the smuggled rupees and brought back to India. Smugglers would send young men to the Gulf on ostensible business trips with wads of rupee notes. However, smugglers and other criminals saw it as an opportunity to make money from the average Indian’s desire to hoard gold. But the arrangement suited the Reserve Bank of India as well, as the Gulf countries would purchase the rupees with pound sterling, against which the Indian currency was pegged.īy virtue of the system, India had economic clout in the Persian Gulf states that were still British protectorates and years away from a major oil boom. The system was put in place by the British when they ruled India. For almost all financial transactions, the United Arab Emirates (then known as the Trucial States), Kuwait, Bahrain, Oman and Qatar used the rupee. When an Indian traveller wanted to visit certain Persian Gulf sheikhdoms in the 1950s, there was no need to stock up on foreign currency before the journey since the Indian rupee was the legal tender in these countries. Watch: Music composer Anirudh Ravichander gifts his sunglasses to young fan who sang for him.Pakistan’s military is no longer seen as a well-oiled machine, thanks in part to its former chief.The TB-free Award given to Karnataka and Jammu & Kashmir doesn’t mean the states are free of TB.Rahul Gandhi gets bail in defamation case, next hearing on April 13.A poem without verbs: The beauty of Dalit poet Omprakash Valmiki’s poem ‘Thakur Ka Kuan’.A strain of music that has flourished in India for centuries is being silenced by communalism.Watch: Actor Zendaya, supermodel Gigi Hadid attend a Mumbai event in saris.Rajdeep Sardesai: Salim Durani played cricket king size, never allowed pressure to imprison him.
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