The long lasting result of colonial rule was the structural change brought about in the exchanges system. The deep-going structural changes in the main sectors of India's economy during the period of domination of industrial capital was contemplated by new features in the exchange system. The abolition of the East India Company's trade monopoly and the increase in imports of British goods compelled the colonialist to pay serious attention to the monetary and credit system in India.In the pre-colonial period, as well as in the times of the EIC, the country had no unified monetary system. A large number of silver and gold coins of various values were in circulation. Even the value of the silver rupee was not the same in different parts of the country. At the time of trade - in other words, ponder- this monetary chaos was used to get more goods out of the country to enrich the merchants, traders, and black marketers. The industrialisation however needed a single united monetary system. The exchange rate was all the more important for its promotion since the rupees earned from the sale of goods in India had to be changed into pound sterling.
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