India Council bill. A draft (bill of exchange) on (payable in) India issued by the India Council, the
body or commission which manages the business affairs of India in London.  The revenues of
India are collected in silver rupees (nominally worth 2 shillings or 48.6 cents, but officially rated as
worth 16 pence or 32.44 cents) ; but much of the expenditures of India, including the interest on its
debt, has to be paid in sovereigns in Great Britain. The India Council, therefore, by means of
Council bills exchanges some of its rupees in India for gold in London. On the other hand,
merchants in London who import Indian products, for which they have to pay rupees in India,
exchange their gold in London for rupees in India—that is, with their gold they buy India Council
bills, which are payable in rupees in India.  Remitters to India (those who have obligations to meet
in India) are given an opportunity every Wednesday by the India Council to tender (bid) for
Council bills. The bills are allotted (sold) to those who pay the highest prices for them. Some of the
allotments are in telegraphic transfers, as distinguished from bills—that is, the Council orders by
cable the immediate payment in India of these allotments. In allotment of bills the order for
payment is forwarded by mail. Telegraphic transfers bring a fractionally higher price than "bills.
Special allotments are made at times other than the regular Wednesday meeting of the Council.