Reborn In 17th century India with Black Technology - Chapter 307

Chapter 307: Issuance of Paper Currency Part (1/2) Chapter 307: Issuance of Paper Currency Part (1/2) November 10th, 1655 Dakshin Bhartiya Empire, Gujarat region, Palanpur frontier The fortress newly erected in the city of Palanpur stands tall against the relentless assaults of the Mughal Empire.

Constructed just a week prior, it boasts sturdy walls fortified with cement and iron supplied by the Empire, aimed at fully integrating the region of Gujarat into the Nation.

Excitement permeates the fortress today as it marks payment day for the soldiers.

Traditionally falling on the 10th of each month, this month’s payment holds particular significance as rumours have permeated every corner of the military about a considerable increase in their salaries.

Excited soldiers stand in line within a spacious hall, facing a heavily guarded booth tasked with dispensing salaries.

Resembling bank booths from the 21st century, responsible for monetary transactions, the booth looked very secure.

As the booth unlocks, prompting the soldiers to eagerly await their turn, hushed conversations ripple through the waiting ranks as anticipation builds.

To avoid overcrowding and potential security risks, soldiers from a brigade are being queued up at a time, while the rest are diligently carrying out their duties, patrolling the fortress or handling the artillery.

It is the first brigade of the day that is about to receive their salaries.

Brigadier General Yeddyurappa, the senior-most officer of the brigade, accompanied his troops to receive their salaries.

Yeddyurappa is the same general who accompanied and served under Sarvesh at the Battle of Vadodara.

He was currently in the line as he is also due to receive his salary today.

“Name and batch number,” the officer, who was sent by the Imperial Committee headed by Vijay, asked.

“Shashank, Bharat Kesari Legion, 3rd Corps, 6th Brigade, 3rd Division, 3rd Battalion, 2nd Company, 8th Platoon, Infantry Soldier, 1652.” The officer quickly went through the records, his finger swiftly running through the documents and piecing together the information like a puzzle.

Finally, after matching all the various parameters, and numbers, and verifying the name and appearance description, the officer nodded his head and replied, “There you are, got it.” “Your salary is 20 new Varaha.

Do you want to accept it or send it to your family?” the officer asked as he looked on with an enquiring gaze,  Shashank, upon hearing the question, was confused as he did not understand what the officer meant by “new Varaha.” Is it a new type of benefit everyone was talking about?

he thought.

Also, previously, he had received up to 50 copper Varaha.

Now, what is this 20 new Varaha?

He did not understand if it was more than before or less than.

So, worried that his pay was cut, he asked, “Sir, what is this new Varaha?

Why have I never heard of it before?” The officer was well-prepared for such inquiries, having undergone two months of rigorous training with the committee, specifically focused on anticipating the array of questions the soldiers might pose.

Without hesitation, he replied, “The new Varaha is the newly issued currency of the empire.

It is made of high-quality paper, and all transactions henceforth will be done using this currency.” “And if you convert these 20 new Varaha to Gold Varaha, then the 20 new Varaha is equivalent to two Gold Varaha, which is more than your salary the previous month,” the man said as he handed over to Shashank a note and 10 coins freshly printed and minted by the Bank of Bharat.

Upon receiving the so-called salary, Shashank’s shock was palpable.

This was far from what he had anticipated.

Instead of gold, silver, or even copper coins, he was handed mere steel-like tokens alongside a piece of paper.

Was this the salary?

This piece of paper that can even be torn by a little kid?

Frustration ignited within him, boiling over into anger as he directed his fury at the man, jabbing his finger menacingly toward the man’s nose.

“Hey, what are you giving me this for?

How can this be worth more than gold?

Are you fooling me?

Are you trying to embezzle the empire’s gold?” He said and tried to hold onto the collar of the officer.

His outburst was swiftly quelled by the vigilant guards surrounding the officer.

The abrupt interruption sparked outrage among the soldiers queued behind Shashank, their simmering frustration erupting into chaos as they rallied together, forming an agitated circle around the booth.

Yeddyurappa, who noticed the commotion, also came to inquire what happened.

But after learning about the news, even he glared at the officer as if saying, “If you don’t give me a proper answer, I will not stop my boys.” Beads of sweat ran down the officer’s face, even though he was warned and trained for such events as such situations were anticipated, he was still not ready.

He could feel that if not for guns being banned in the hall, at least a few guns would be pointed at him.

But regaining his mind quickly, he explained with a calm and collected expression, “Please calm down, soldiers.

I am not trying to cheat you or even embezzle the empire’s property.

Please look at the note in your hand.

It is the newly issued currency by the Bank of Bharat, which is the National Bank of the Empire responsible for printing the currency.” “This currency holds the same value as gold,” he reiterated, his demeaner unwavering.

“Each note is printed only when there’s an equivalent amount of gold backing it up.

Therefore, I urge you to test its validity at the logistics department’s storeroom next door.

It’s a new decree from the Empire, mandating that all government transactions, both incoming and outgoing, be conducted solely with these paper currencies for enhanced convenience.” Saying that he took out a document to back up his words, which was a copy of the royal edict Vijay had penned.

Shashank was still not convinced, but upon seeing the royal edict taken out by the officer, he stopped causing trouble.

Yeddyurappa, who inspected the document, nodded his head and confirmed the authenticity of the document.

Seeing this, Shashank saluted to the general and left for the storeroom to try to buy an item he wanted.

Surprisingly, the shopkeeper actually took the money, which was of the denomination of 10 Varaha, and gave back 5 coins, four similar to the ones he received and the other coin which was smaller and thicker, which Shashank had never seen before.

He came back to the hall along with the item he wanted, which was a new leather armour, which was actually very expensive and had cost 6.5% of his previous monthly salary which is now only 5%.

Normally, defence equipment is already provided by the army, but if in case the soldiers feel that they require more protection, they could buy it in the storeroom at a discounted price.

Shashank, upon returning, explained his discovery to the restless soldiers, which calmed them down somewhat.

This situation happened in various military facilities in the empire, as the soldiers got quite rowdy when their money was replaced by paper currency.

But at the end of the day, most of them accepted the change as their salary had increased, and all the military stores in the defence line had accepted their money.

While a few of them chose to accept the salary at the barracks itself, most of the soldiers sent the money back home to their families, and for the first time, the circulation of the paper currency began.

The Empire’s decision to introduce paper currency originated from its military economy framework.

Recognizing that currency circulating within the military would inevitably permeate all societal sectors, it aimed to capitalize on this phenomenon.

By centralizing economic activity within the military, the Empire ensured that it became the primary revenue-generating and utilizing entity.

Consequently, the military served as a pivotal hub for currency exchange and circulation.

Given this strategic advantage, the Empire resolved to exclusively conduct military transactions using paper currency henceforth.

A substantial portion of the newly printed paper currency is designated for disbursing salaries to military personnel.

However, adjustments were necessary as the market’s gold prices surged following the ending of gold coin minting.

Consequently, recalibrations were made to accommodate this shift, resulting in the reassignment of soldiers’ salary packages based on revised ratios.

There are currently 3 Commanders in the empire, 6 lieutenant generals, 18 major generals, 54 brigadier generals, 270 lieutenant colonels, 1350 first lieutenants, 5400 second lieutenants, and 21600 sergeants.

Each of these positions has different salary packages ranging from 20 Varaha for the ordinary soldier up to 2560 Varaha for the commanders.

Although the salary might appear low, it actually represents a significant amount because the paper currency is pegged to gold, giving it substantial value, especially as the gold’s value is currently at an all-time high.

For instance, a normal soldier’s salary is currently at 20 new Varaha, which is equivalent to two gold Varaha, which in turn is equivalent to around 40,800 rupees in the 21st century, placing a normal soldier in the higher middle class of the empire.

On the other hand, the highest salary for the commander, which is 2560 new Varaha, is worth about 5,222,400 rupees in the 21st century.

This number is considerably larger than what was being paid in the 21st century.

However, it has to be considered that Bharat in this era did not have a large population, and the resources were still within the empire.

Therefore, the empire could actually be considered a high-income society for the majority of middle-class and upper households in the empire.

This was the case even in the last timeline before the British arrived.

The higher and middle-class people of the subcontinent led very good lives, at least for the Muslim population.

It is only that the money inequality in the nation was very severe, which was caused by the unreliable maintenance of the Mughal rulers and engineered division and destruction of the society by the British who came later, which led the subcontinent, once the richest place on Earth, to become one of the poorest.

The total salary paid to the soldiers in the empire amounted to 14,666,940 paper Varaha.

The total amount of currency printed from the 60 tonnes of gold in the reserve is 176,470,130 Varaha, with the denomination of 1 Varaha occupying 18 tonnes of the reserve, making about 52,941,180 Varaha.

As for the 5 Varaha coin, it occupies twelve tonnes of the reserve, minting about 35,294,120 Varaha worth of currency.

The 10 Varaha note reserves the same quantity of gold in the reserve, which is 12 tonnes, producing the same value of currency i.e., 35,294,120 Varaha.

The 50 Varaha note occupies around nine tonnes of the reserve gold, producing 26,470,590 Varaha worth of currency.

The hundred Varaha note takes up around six tonnes in the gold reserve, producing 17,647,060 worth of Varaha.

Lastly, the Thousand Varaha note occupies the smallest reserve at 3 tonnes because of its high denomination and occupies a value of 8,823,520 Varaha.

P.S.

I Now hate economy, Lost a few brain cells.  CREATORS’ THOUGHTS Mithun_ReddyGaru Like it ?

Add to library！