'FILE NO: 14/14 name; BANK FOR MUSCAT (IMPERIAL BANK OF IRAN & THE PERSIAN GULF)' [‎2r] (3/434)

60/20
Telegram S 2
Prom
Political Resident A senior ranking political representative (equivalent to a Consul General) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Residency. , iJushire,
To
OovertmoLt of India, New Delhi
No.
Dated
16th June, 1945.
Hal Bahadur Gokhaldas Khemji, wealthy merchant
of Muscat, has been approached by Ilian Baliadur fcirza Muhammad
Ahmad (former Persian now Iraqi subject) and Dr. Puransingh
(renegade olkh now Iraqi subject), both of Basra, to Invest
capital in, and accept Directorship of Bank which they ore
promoting to be called "India and Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. Bank Limited".
Proposed initial capital is five lakhs One lakh is equal to one hundred thousand rupees of Rupees Indian silver coin also widely used in the Persian Gulf. , Bead Office
of Bank is to be in India under direction of Puransinr^s
brother and branches are proposed to be opened in Dubai,
Kuwait and possibly Muscat.
As the Kai Bahadur has been asked to communicate
his acceptance to the Agricultural Credit Department of the
Reserve Bank of India Bombay some progress appears to have
been made in India.
3. Under Article 18 (b) of his agreement with the
Imperial Bank of Iran ( Residency An office of the East India Company and, later, of the British Raj, established in the provinces and regions considered part of, or under the influence of, British India. Printed Letter No. 111-D
24th January 1B42) Bhaikh has given that bank monopoly until
end of 1956. Under Article 25 of Dubai Oil Concession
Bhaikh of Dubai is obliged to consult Petroleum Concessions
Limited before according permission for a bank to open a
branch at Dubai. In correspondence linked with his
acceptance of political agreement between His Majesty's
Government £ and Company relating to Concession Shaikh has
undertaken to seek approval of Ills Majesty's Government
before entering into negotiations with any bank.
4. In view of position given in paragraph 3 above,
and prims facie general undesirability of establishment of
bank in Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. with Iraqi capital and direction I
should be glad of any Information ascertainable in India
(a) generally and (b) as to extent of Indian interests
involved.
GALLOWAY
cqnfidotia:
\
Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. Residency An office of the East India Company and, later, of the British Raj, established in the provinces and regions considered part of, or under the influence of, British India.
Bushira,
15th June, 1946.
Copies forwarded with compliments to
The Political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. , Kuwait.
The Political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. , usentj^^*