How John Matthai, India’s second finance minister, handled the devaluation of the rupee
John Matthai told the House that he had informed Ceylon and Pakistan about the devaluation of the Indian rupee but had received no response from the latter. Matthai released an announcement in the press on 19 September, a Monday, about the devaluation and the concurrence was received from the IMF by the finance ministry on the same day. However, since Monday to Wednesday were all bank holidays, the new rate became effective only on 22 September 1949.Matthai said that while he appreciated the difficulties faced by the British government, he...