British War Bonds: What is 1917 Indian war loan that MP family invested ₹35,000 in?
The document shows that businessman Seth Jumma Lal Ruthia, of the firm Seth Rama Kishan Jaskaran Ruthia in princely Bhopal, subscribed ₹35,000 to the Indian War Loan floated by the British government during World War I.
Sehore resident Vivek Ruthia claims his grandfather was forced to lend the British government ₹35,000 in 1917 as part of a war loan during World War I. The 63-year-old received an email from the UK's Debt Management Office seeking documents to verify the claim. The certificate in question was signed by WS Davis, the Political Agent in Bhopal at the time, and shows Seth Jumma Lal Ruthia's ₹35,000 investment in the 1917 Indian War Loan, which offered a 5.5% interest rate.
Ruthia's family has held onto the document for over a century, despite it never being repaid. If the interest rate were calculated for 109 years, it would amount to crores of rupees, and with gold's price increase since 1917, the value would be even higher. The Ruthia family, which owns properties in Sehore, Indore, and Bhopal, is also involved in property disputes. Seth Jumma Lal Ruthia died in 1937, two decades after the loan was made to the British government.
Written by urgent.news from Live Mint's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Indian rupee, bonds to track oil prices; local and US inflation data in focus brecorder.com
- Foreign flows into Indian bonds may remain muted despite tax relief: SBI Funds thehindubusinessline.com
