Some time passed. USA and India have agreed in cooperating in researching for High Yield Variety(HYV) of wheat and different millets like jowar, bajra, etc.
Like AMUL, I started working on a co-operative company for textile manufacturing in Bengal, Bharat International Kapda Union Limited(BIKUL).
Right now, it is an OEM with main task of manufacturing clothes for other companies, both national and international.
It is 51% owned by all the workers in the company, 10% Central government, 2% Tata, 2% Birla and the rest is listed on public.
Of course, for international companies, there are many regulations. Like each country's private companies combined that are investing can only hold upto 5% shared max. Meaning, all USAian companies combined together can't hold more than 5% shares.
Moreover, there won't be any worker unions allowed. Otherwise there will be too much politics in the company, and I don't want it to shut down like Mumbai and West Bengals industries were shut down because of unions.
You are a majority shareholder, you don't need to protest. You can directly take decisions.
I started working on the same thing to establish BIKUL in Mumbai as well.
For the Bengal branch, TATA will be managing it for 10 years and train the workers in management themselves so that a capable person from the workers can take over later.
For the Mumbai branch, I am still searching for someone capable.
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On November 13th, all of RBI's gold arrived in India. But without the 10% interest.
The gold was stored in safehouses in Nagpur and Bhopal in multiple locations.
Since gold has arrived, I started working on the currency issues.
Before, Indian rupee were used for domestic use and pound sterling, to which Indian rupee it was pegged to, for international use.
I want to make INR a global currency, but to not have the notes taken out of country which can cause various problems since until USA removes its gold standard, it wouldn't really take off as s global currency.
Moreover, I can't have the value of INR rising because it will effect exports. I actually need to devalue INR.
But I also don't want imports of oil to be expensive. And a global currency shouldn't ideally be of very less value.
That's why, a two-currency system was being thought of.
1. Dhan: 1 gram gold= 1 Dhan.
An international currency pegged to gold.
This makes it a bit more expensive than USD, which is around 0.88 g gold due to using troy ounces.
1 Dhan =1.125 USD = 1 g gold.
It will be managed by International Surat Bank(ISB).
So, the Indian government will not have direct control over it, but its value will be the amount of total gold and forex reserves(that are pegged to gold) India has.
It will be more freely flowing.
India will use it to trade internationally. Import-Export, debt repayment, etc.
2. Rupay(₹): 1 Dhan = 5 Indian National Rupay(INR).
The new Rupay will replace the old Rupee with 1 Rupay= 1 Rupee.
Instead of the old Aana and such with 16 multiple systems, the decimal system will be adopted.
1 Rupay = 100 Pañ. (Pañ(पण) is a Mauryan currency name)
Rupay will be pegged to Dhan, and will be under complete control of Indian government.
It will be domestic currency, to be used within India.
1 Rupay should have been around 3 Dhan if the previous exchange rate between US-UK(and in extension India) was to be considered, but it will be devalued to 1 Dhan = 5 Rupay to boost manufacturing.
Slowly, as manufacturing and export to the world grows, Rupay will be gradually devalued.
But Dhan will not. Dhan will be used to buy oil.
Of course, Dhan will not be able to compete with USD right now. And neither does Dhan intend to.
But, when USA drops the gold standard, things will change. Giving power to oil producting countries is a no-go.
On 31st December 1947, the Indian Currency System act was passed.
RBI was nationalised, ISB was made an international entity.
Indian citizens will gradually exchange their previous rupee and its sub-units with the new Rupay and its sub-unit over the course of a year.
All Rupay had Subhash Chandra Bose and Indian government seal of the 3 lions on the front, and various other things related to India on its back along with.
1: Taj Mahal
5: Red Fort
10: Sree Padmanabhaswamy Temple
50: Golden Temple
100: Mahabodhi Temple
Dhan was established under a bank that had started its construction in August just after Independence, International Surat Bank(ISB).
The symbol of Goddess Lakshmi was used on the Dhan note.
Dhan was pegged to 1 gram of gold.
Despite US's pressure on India to join the Breton Woods agreement and peg Indian Rupay to USD, India created its own currency.
Which led to sanctions from USA, banning India from using USD.
Moreover, the cooperation on agricultural research was halted along with the food aid.
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