New Delhi, April 12 -- The Central Assembly on April 8, 1947 passed a bill de-linking the Rupee from the Sterling, along with bills providing for production and marketing of rubber, and giving protection to several industries as recommended by the Tariff Board.

The Bill amending the Reserve Bank of India Act (RBI) marks India's achievement of financial independence even before political Independence. Moving consideration of the Bill, which has been brought forward as a result of constant pressure from the Congress benches, finance minister Liaquat Ali Khan described it as "the most important measure because it signalizes the emergence of the rupee as independent currency de-linked from the Sterling and as an international standard".

The...