The E-Sylum:  Volume 8, Number 36, August 21, 2005, Article 16

GOLD MOHURS STILL SHINE

The following excerpts are from a recent article published by
the Economic Times of India:

"Can you imagine a currency exchange rate that has remained
fixed for 170 years? Before central bankers die of jealousy,
it should be made clear that the currency involved is used by
only a very small and specialised group of people and, in fact,
doesn't really exist.

The Bombay High Court is, probably, the only place where
senior counsel, particularly experienced lawyers whose ability
has been formally recognised by the judiciary, are still technically
paid in gold mohurs, a currency introduced by the Mughals
and then taken on by the British Raj.

Of course, no actual exchange of gold coins take place, but
as a mark of respect for their status, solicitors record the fees
of senior counsel not in rupees but ‘GMS' or gold mohurs
(though the old British term ‘guineas' is also used), which the
solicitors convert into rupees at the rate of 1 GMS = Rs15.

This is the rate that has remained fixed since 1835 when the
British imposed a common currency across the country,
removing the discrepancy between mohurs struck in their
own Bengal Presidency, which were at Rs16 to the mohur,
and those struck in the Bombay and Madras Presidencies,
which were at Rs15."

"Mohurs were struck in mints across the country and, in
fact, this is what their name means. “Literally, it is Farsi for
‘Struck' or ‘Stamped'. Can also mean ‘strike' or ‘stamp'
as a noun,” says Mr Bhandare."

"Apparently some English lawyers still quote by the guinea,
though this is an eccentricity, and the figure is taken as equivalent
to a pound sterling."

To read the full article, see: Full Story

  Wayne Homren, Editor

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