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'FILE NO: 14/14 name; BANK FOR MUSCAT (IMPERIAL BANK OF IRAN & THE PERSIAN GULF)' [‎7r] (13/434)

The record is made up of 1 file (215 folios). It was created in 15 Jun 1945-1 Nov 1948. It was written in English. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .

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C 01; FIDtiNT I/tL
Copy of D.O. No. aCD 779 / 3.S.E. 94-45 dated 28th June 1945
from the Reserve Bank of India, Agricultural Credit
Department, Bo .bay to the Finer nee Department, Government
of India, New Delhi.
With reference to your letter No.D 7103-F.I./45
of the 19th June *45, the promoters of the India and
Persian Gu^f Bank Ltd., made an application towards
the end of last year for the necessary permission
to make an Issue of capital which was referred
to us for our recommendations by the Examiner of
Capital Issues. It was stated in the application
that the Bank will engage in the business of financing
trade between India, Iraq, Iran and the Middle East countries
A
generally, and would be meeting a greatly felt need, banking
facilities being rare in those territories. After making
the necessary enquiries with regard to the promoters of
-ed
the Bank, we recommend-.that permission may be granted for
the issue of capital to the extent of 10,000 ordinary
shares of the face value of EsQLOO/- each, at least 50 per
cent paid up, provided that the head office of the Bank is
established at Karachi. We were unable to recommend
permission being given for the Bank to have its head office
in Bombay which is already overcrowded in the matter of
banking offices. A copy of our letter to the Assistant
Examiner of Capital Issues in this connection is enclosed
herewith.
Our recommendation to Government on the application was given
on its merits as a financial proposition having regard to
the relevant criteria laid down by Government for purposes
of the control of capital issues in terms of Defence of
India Rule 94-A. Our recom endation did not take cognizance
1
nor were we aware, of considerations such as those advanced

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Content

The file comprises telegrams, despatches, correspondence, memoranda, and notes, concerning the establishment of banks in the Gulf including Dubai, Kuwait, and Muscat.

Issues discussed in the correspondence include:

Included in the file is a copy of the 'Banking agreement between the Shaikh of Dubai and the Imperial Bank of Iran dated 5th January 1956'

The file features the following principal correspondents: the 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. in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. (William Rupert Hay); 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. , Muscat (Ralph Ingham Hallows); the Secretary to the Government of India, External Affairs Department; the Sultan of Muscat and Oman [Sa‘īd bin Taymūr]; the Imperial Bank of Iran; and the Eastern Bank Limited.

Extent and format
1 file (215 folios)
Arrangement

The papers are arranged in approximate chronological order from the front to the rear of the file.

Physical characteristics

Foliation: the main foliation sequence (used for referencing) commences at the front cover with 1, and terminates at the inside back cover with 217; these numbers are written in pencil, are circled, and are located in the top right corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. side of each folio. An additional foliation sequence is present in parallel between ff 1-217; these numbers are also written in pencil, but are not circled. A previous foliation sequence, which is also circled, has been superseded and therefore crossed out.

Written in
English in Latin script
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'FILE NO: 14/14 name; BANK FOR MUSCAT (IMPERIAL BANK OF IRAN & THE PERSIAN GULF)' [‎7r] (13/434), British Library: India Office Records and Private Papers, IOR/R/15/6/444, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100066431637.0x00000e> [accessed 28 March 2024]

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