Money makes the world go round. Throughout known history, sovereigns have tried to control money in their jurisdiction. The Mughal Empire and British Raj set up currency standards or universally accepted medium of exchange.

   Before moving forward with a story of the inception of the Indian Central Bank, a little history lesson on the central bank is necessary. The idea of a central bank began in Sweden, not England. Swedish economy in the mid-17th century was pretty large, although minuscule by Indian and Chinese standards and the country needed money to circulate and finance its trade in mining and timber.

   The king needed a place to store Swedish currency, Daler, made of copper which were huge, heavy plates measuring one foot by two feet weighing several kilograms. Nothing much happened until a smooth-talking Latvian rogue called Johan Palmstruch showed up and convinced the king. Palmstruch established the bank, now....