Also termed "council bills," "India council bills," "India council drafts," etc. These are issued in London and payable in India in " rupees," the money in current use in the latter country. The financial affairs of that country are managed in London by what is known as the "India Council," which offers for sale Wednesday of each week to the highest bidders a certain amount of " council bills," which are purchased by those desiring to make remittances to Calcutta and other points in India. The London papers give the prices at which these bills are sold, distinguishing between those which are sold for remittance by mail, and for what are known as " telegraphic transfers; " namely, where immediate use is wished for the money in India - the latter usually selling at a slight advance over the former. The reports always show the amounts disposed of, and the. minimum rates obtained.
Any sales made between the regular Wednesday meetings are referred to as " specials." India payments in London must be made in gold, whereas London payments in India must be made in " rupees." All this is made possible by means of the " India Council."