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Economic Times
4 days ago
- Business
- Economic Times
Bank of Azad Hind: When Netaji gave India its own currency
Synopsis In 1944 Rangoon, Netaji Subhas Chandra Bose established the Bank of Azad Hind to fund his liberation campaign, demonstrating India's financial capabilities before independence. Capitalised by the Indian diaspora, the bank became the Provisional Government's treasury, issuing its own currency and supporting various war efforts. Image: Netaji Research Bureau It is April 1944 in Rangoon. In a vacant bungalow off Jamal Avenue, carpenters are at work turning bare rooms into a working bank. Just a week earlier, this was an empty space. Now, it is about to become the headquarters of a bank and no, this one is not the story of how the Reserve Bank of India (RBI) was birthed. This bank was under the authority of the Provisional Government of Free India, led by Netaji Subhas Chandra Bose. Five years before the RBI became fully independent in 1949, Bose launched the Bank of Azad Hind to fund his liberation campaign and to demonstrate that India could run its own financial institutions before it had even won its political freedom. Also Read: Independence Day 2025: Tryst with growth — India's economic journey from Nehru to now The short but strong saga of this bank has been well drafted in S.A. Ayer's book, "Unto Him a Witness". Ayer, who served in Bose's cabinet, wrote, 'At this stage, Netaji established the first National Bank of Azad Hind outside India in Rangoon on the 5th of April, 1944, to finance the war of India's liberation.' The 'stage' Ayer refers to was a tense moment. Bose was preparing to leave for the front in the Imphal–Kohima campaign. Japanese and Burmese authorities were sceptical about establishing a bank in wartime, fearing political complications. Some colleagues worried about capital, stability, and the timing. But Bose was unmoved and unbothered. 'Have a bank I must, and that too within a few days, before I leave for the front. I must open the bank and then go to the front,' Ayer quoted Bose as came quickly from the Indian diaspora in Southeast Asia. Ayer recounted how four Indians stepped forward to fund the initial days of the newly founded bank, with a vision of free India. 'Perhaps, you may be surprised to hear that four Indians have come forward to find between themselves all the required capital for the bank. They are prepared to write off the capital, if necessary, though I am quite sure they won't have to. In any event, they are ready to assign to the Provisional Government of Azad Hind eighty per cent of the annual profits.'This show of support ended Japanese resistance. 'That silenced the Japanese pretty effectively,' Ayer notes. What followed was a full and renewed case of dedication. Also Read: India's space race: From bullock carts to Gaganyaan'How one man, Yellappa, and the other four patriotic Indians worked like Trojans night and day for a week and converted a vacant building into a full-fledged bank — with an authorised capital of rupees fifty lakhs is a romantic story that deserves a chapter all by itself,' Ayer Fay, in his book "The Forgotten Army", recounts how Netaji's appeal in Rangoon for rupees 5 million triggered an extraordinary outpouring of support from the Indian community in Burma and Malaya, ultimately swelling the Azad Hind Bank's reserves to about 215 million rupees – more than 150 million rupees from Burma media reports and later historical accounts identify some of the most prominent donors: Abdul Habeeb Yusuf Marfani, a Gujarati businessman in Rangoon, is said to have pledged his entire fortune of roughly 1 crore rupees; the Betai family, Hiraben and Hemraj, reportedly contributed 50 lakh rupees in cash and assets; and Iqbal Singh Narula famously offered silver equal to Netaji's own Bank of Azad Hind soon became the treasury of the Provisional Government. 'The funds of the Provisional Government were banked with this bank,' Ayer wrote. It accepted donations 'in cash as well as in kind' from traders, shopkeepers, and plantation workers. These resources funded soldier pay, procurement, propaganda, and relief efforts. Also Read: UPI and beyond: The great Indian banking leap The bank even issued its own currency, denominated in rupees, which circulated in INA-controlled territories, a symbolic assertion of monetary sovereignty even if it carried no value in British himself served as chairman. 'The National Bank of Azad Hind was established in Rangoon in April 1944. I know a man called Dina Nath. He was one of the Directors of the Bank. I was the Chairman of the Bank,' he institution's life was brief. It closed by the end of World War II or precisely after the INA's retreat and the fall of Rangoon. But decades later, it resurfaced in an unexpected way. Following the Modi government's decision in 2016 to declassify files related to Bose, the finance ministry began receiving unusual petitions. Several borrowers wrote offering to repay their loans using Azad Hind Bank currency notes, some promising the bearer sums as high as ₹1 lakh. 'We have received representations from some individuals who want the currency issued by Azad Hind Bank or similar variants to be recognised as legal tender,' a government official told ET at the Reserve Bank of India, citing Section 22 of the RBI Act, 1934, rejected the requests, saying it had no record of such an entity and that only the RBI has the sole authority to issue banknotes. Some petitioners pushed back, arguing the RBI 'itself was formed by the British' and that the government should take a fresh Ayer's view, the bank was never merely a repository of funds for Bose: Perhaps it was a pledge of a nation to free itself, having 'our own currency and our own bank' alongside an army and a government.
Time of India
6 days ago
- Business
- Time of India
Bank of Azad Hind: When Netaji gave India its own currency
It is April 1944 in Rangoon. In a vacant bungalow off Jamal Avenue, carpenters are at work turning bare rooms into a working bank. Just a week earlier, this was an empty space. Now, it is about to become the headquarters of a bank and no, this one is not the story of how the Reserve Bank of India (RBI) was birthed. This bank was under the authority of the Provisional Government of Free India, led by Netaji Subhas Chandra Bose . Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Five years before the RBI became fully independent in 1949, Bose launched the Bank of Azad Hind to fund his liberation campaign and to demonstrate that India could run its own financial institutions before it had even won its political freedom. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like My son is 13 years old, but has been in pain since he was 5 Donate For Health Donate Now Undo Also Read: Independence Day 2025: Tryst with growth — India's economic journey from Nehru to now The short but strong saga of this bank has been well drafted in S.A. Ayer's book, "Unto Him a Witness". Ayer, who served in Bose's cabinet, wrote, 'At this stage, Netaji established the first National Bank of Azad Hind outside India in Rangoon on the 5th of April, 1944, to finance the war of India's liberation.' Live Events Building a bank under siege The 'stage' Ayer refers to was a tense moment. Bose was preparing to leave for the front in the Imphal–Kohima campaign. Japanese and Burmese authorities were sceptical about establishing a bank in wartime, fearing political complications. Some colleagues worried about capital, stability, and the timing. But Bose was unmoved and unbothered. 'Have a bank I must, and that too within a few days, before I leave for the front. I must open the bank and then go to the front,' Ayer quoted Bose as saying. Capital came quickly from the Indian diaspora in Southeast Asia. Ayer recounted how four Indians stepped forward to fund the initial days of the newly founded bank, with a vision of free India. 'Perhaps, you may be surprised to hear that four Indians have come forward to find between themselves all the required capital for the bank. They are prepared to write off the capital, if necessary, though I am quite sure they won't have to. In any event, they are ready to assign to the Provisional Government of Azad Hind eighty per cent of the annual profits.' This show of support ended Japanese resistance. 'That silenced the Japanese pretty effectively,' Ayer notes. What followed was a full and renewed case of dedication. Also Read: India's space race: From bullock carts to Gaganyaan 'How one man, Yellappa, and the other four patriotic Indians worked like Trojans night and day for a week and converted a vacant building into a full-fledged bank — with an authorised capital of rupees fifty lakhs is a romantic story that deserves a chapter all by itself,' Ayer said. Peter Fay, in his book "The Forgotten Army", recounts how Netaji's appeal in Rangoon for rupees 5 million triggered an extraordinary outpouring of support from the Indian community in Burma and Malaya, ultimately swelling the Azad Hind Bank's reserves to about 215 million rupees – more than 150 million rupees from Burma alone. Contemporary media reports and later historical accounts identify some of the most prominent donors: Abdul Habeeb Yusuf Marfani, a Gujarati businessman in Rangoon, is said to have pledged his entire fortune of roughly 1 crore rupees; the Betai family, Hiraben and Hemraj, reportedly contributed 50 lakh rupees in cash and assets; and Iqbal Singh Narula famously offered silver equal to Netaji's own weight. The Bank of Azad Hind soon became the treasury of the Provisional Government. 'The funds of the Provisional Government were banked with this bank,' Ayer wrote. It accepted donations 'in cash as well as in kind' from traders, shopkeepers, and plantation workers. These resources funded soldier pay, procurement, propaganda, and relief efforts. Also Read: UPI and beyond: The great Indian banking leap The bank even issued its own currency, denominated in rupees, which circulated in INA-controlled territories, a symbolic assertion of monetary sovereignty even if it carried no value in British India. Image source: Wikipedia Ayer himself served as chairman. 'The National Bank of Azad Hind was established in Rangoon in April 1944. I know a man called Dina Nath. He was one of the Directors of the Bank. I was the Chairman of the Bank,' he writes. A curious afterlife in modern India The institution's life was brief. It closed by the end of World War II or precisely after the INA's retreat and the fall of Rangoon. But decades later, it resurfaced in an unexpected way. Following the Modi government's decision in 2016 to declassify files related to Bose, the finance ministry began receiving unusual petitions. Several borrowers wrote offering to repay their loans using Azad Hind Bank currency notes, some promising the bearer sums as high as ₹1 lakh. 'We have received representations from some individuals who want the currency issued by Azad Hind Bank or similar variants to be recognised as legal tender,' a government official told ET at the time. The Reserve Bank of India, citing Section 22 of the RBI Act, 1934, rejected the requests, saying it had no record of such an entity and that only the RBI has the sole authority to issue banknotes. Some petitioners pushed back, arguing the RBI 'itself was formed by the British' and that the government should take a fresh call. From Ayer's view, the bank was never merely a repository of funds for Bose: Perhaps it was a pledge of a nation to free itself, having 'our own currency and our own bank' alongside an army and a government.
Miami Herald
30-06-2025
- Entertainment
- Miami Herald
Juanito Márquez, a legend of Cuban music, visionary and innovator, dies in Miami
When lovers in Latin America sing or dance together Alma con alma, one of the emblematic themes of filin, an unforgettable bolero, they are repeating the love story of Cuban musician Juanito Márquez and his wife Mirta, which began in Holguín in eastern Cuba, when she was 16 years old. Juanito Marquez, internationally renowned guitarist, arranger, producer, and creator of one of the Cuban rhythms that took over his island in the 1960s, Pa-Cá, said goodbye to his great love Mirta and his beloved family in Miami on Saturday, June 21, at a Kendall hospital, surrounded by his friends. He was 95. With him went a part of the golden age of Cuban music, which he took beyond the borders of the island when he became an exile, first in Spain and then in Miami, where he was one of the pioneers of a unique sound. His magic hand is in the arrangements of one of the most beautiful albums of Cuban music, made in Miami, Mi Tierra by Gloria Estefan, which also includes two songs written by Márquez, Ayer and Sí Señor! During his long career, he collaborated with Cuban musicians such as Bebo Valdés, Israel López Cachao, Generoso Jiménez, the Riverside Orchestra, Tito Gómez, Gloria and Emilio Estefan, Paquito Hechavarría, Roberto Torres, Israel Kantor, and Luis García. When the Cuban government forced him to work in agriculture for trying to leave the country, it was Guillermo Alvarez Guedes who sent him the money for his ticket to Spain, and there Márquez became part of a golden age of Spanish music, from the Hispavox record label, where he was behind hits by Julio Iglesias, Massiel, José Luis Perales, Mari Trini, Mocedades, and Jeanette. 'There is no limit to his greatness,' says Miami radio personality Viviám María López, who came to know and admire Juanito for his art, his great generosity, his sense of humor, and his elegance for several decades. She was present with his family at Kendall Hospital, where they prayed and accompanied him until his last moment, after a cardiac arrest that kept him from living until his 96th birthday on July 4. 'I saw in him a tender human being, with a giant heart, such a brilliant person, so ahead of his time,' Viviám told el Nuevo Herald. 'Studying his arrangements is a master class, many musicians tell me.' From Holguín to Havana, at the call of Bebo Valdés Márquez had a classical musical training, which began in his native Holguín, under the tutelage of his father, classical guitarist and conductor Juan Márquez Gómez. 'Juanito's father was the director of the Holguín band that played in the retreat. From a very young age, he became an idol of ours,' music producer and promoter Recaredo Gutiérrez told el Nuevo Herald. He formed an orchestra in Miami in 2003, the Tropicana All Stars, in homage to Beny Moré, which included the most important Cuban musicians of the moment, under the direction of Juanito Márquez. Márquez was a member of the Avilés Brothers' orchestra, which played in what had been the Holguín Tennis Club, said Recadero. From Holguín, Márquez made arrangements that he sent to Havana, and it was Bebo Valdés who urged him to travel to the capital, a project supported by Márquez's wife, Mirta, who was staying in Holguín for the time being with the couple's young daughter. The musician became an idol with the crowds with the creation of Pa-Cá in 1964, at a time of vibrant rhythms. 'The Pa-Cá rhythm, despite being popular, is subtle,' Recaredo notes, emphasizing that its lyrics were never 'vulgar.' He learned from the greats, Recaredo notes, recalling Márquez's speed in making arrangements during live programs on stations like Radio Progreso, where they would tell you that an arrangement had to be done in just a few hours. Márquez, elegant and grateful Journalist Arturo Arias-Polo remembers Márquez from a 1993 interview at Emilio Estefan's Crescent Moon Studios, when the success of Mi tierra was still fresh. 'Personally, he was a gentleman. He was from the era when musicians strove to be different,' says Arias-Polo, recalling that he still spoke with the oriental accent of his homeland, which connected him more with the journalist, born in Manzanillo. 'Pituka la bella was a huge hit, a Pa-cá anthem,' recalls Arias-Polo, who was 10 years old at the time and also enjoyed a version of the song by the Aragón orchestra. Another of Márquez's iconic songs, Como un milagro, is remembered in a version by Omara Portuondo, and in a more recent one that he heard at an Ivette Cepeda concert in Miami. Six of the songs on the album Esta es Omara (1967) are by Márquez, notes Viviám Maria. Márquez's success prevented him from leaving Cuba, and as a result, he was sent to work in agriculture as punishment. With money sent to him by Alvarez Guedes, he managed to leave Cuba in 1969 and began a new life in Spain, encouraged in his career by Cuban musician Ernesto Duarte Brito, author of the bolero Cómo fue, popularized by Beny Moré. With the first money he earned, he repaid Alvarez Guedes's generosity, both Recaredo and Viviám María recall. In 1976 he began his life in Miami, where he became part of and co-created the city's sound. 'He joined Armando Terrón, Pablo Cano, who lent him his guitar, Nelson 'El Flaco' Padrón, Luis de la Torre, Orlando 'Papito' Hernández, and Manuel Ribera [of Los Chavales de España] at the Climax studio, where they recorded everyone,' says Viviám María. 'They had Latin, North American, and African-American artists, and they recorded countless albums.' she adds about the studio that operated until 1995. 'A king, a source of pride for everyone, what an honor to work on so many albums. Many blessings. We love you,' wrote Emilio Estefan in the memorial post on Albita's Instagram profile for Márquez's death. His song Alma con alma is also part of the soundtrack of the film Carlito's Way (1993), starring Ray Barretto and Adalberto Santiago. At the Tropigala cabaret at the Fontainebleau Hotel, he conducted the Tropicana All Stars orchestra in a series of historic concerts, which were captured in the documentary Al Bárbaro del ritmo, directed by Sergio Giral. He also recorded at the historic Criteria Studios in North Miami, where Juanito would always drive through the streets because he didn't take the expressway, Recaredo recalls. After the recordings, which were at night, a group of musicians would go to La Carreta for lunch, and Márquez would always ask him how they could eat those Cuban dishes at that time of the morning. 'You could talk about any topic with Juanito Márquez; you had an admirable interlocutor in him,' says Recaredo, recalling that he was also 'humble' and collaborated with all the musicians. Márquez is survived by his wife Mirta, his daughter Mirthica, his son Juan Carlos, his grandson Luisi, his nephews Ernesto, also a musician, and Alina. There will be no funeral service, but a mass is planned, and details will be shared with the public at a later date.
Yahoo
15-06-2025
- Yahoo
Police say they have solved a 1980 cold-case murder — after the first suspect wrongly spent 20 years in prison
More than 40 years after a woman was stabbed 30 times in her home and killed, cops say they have identified a suspect. The announcement comes after another man wrongly served 20 years behind bars for the killing. This week, the Middlesex District Attorney's Office in Massachusetts announced the developments into the 1980 murder of Katharina Reitz Brow. Authorities now say Joseph Leo Boudreau was the killer. He was 37 years old at the time of the murder and died in 2004. Brow, 48, was found murdered in her Ayer, Massachusetts, home on May 21, 1980. She was killed between 7 a.m. when her husband left for work and 10:45 a.m. when she was found. Brow was stabbed 30 times and had been struck with a blunt object. Her home showed signs of a struggle with her purse and a 'large sum' of money missing. Investigators found the knife in a wastebasket. Kenneth Waters was arrested a year after the killing and was convicted in 1983. However, he was exonerated in 2001 when it was determined his DNA was not in a bloodstain at the scene. At the time of his arrest, his blood type matched the bloodstain. However, technology developments led to better DNA testing and proved Waters was not at the scene. In 2022, investigators again looked at the case. They were able to test DNA and link it to relatives of a suspect. That led to Boudreau being identified as the killer, prosecutors said. He was convicted of armed robbery in 1975, six years before the murder. Police say there is no link between Boudreau and Walters. 'No matter how much time passes, our priority remains the same, to seek answers. In this case, that meant identifying the person responsible for Mrs. Brow's death, even though they could no longer be held accountable through the criminal system. Today, we are able to name her killer and provide long-overdue clarity to her family,' District Attorney Marian Ryan said. Ayer Police Chief Brian Gill added: 'The investigative breakthrough came when forensic investigative genetic genealogy DNA testing was applied to evidence recovered at the scene. This ultimately led us to today's announcement. I am thankful, that we may be able to finally bring some closure to the Brow family and a measure of justice for Katharina.'
Time of India
12-06-2025
- General
- Time of India
'Struggle with English, speak loudly, litter': Texas-based Indian entrepreneur's viral post on Gujaratis ignites heated debate
In a bizarre incident, an Indian founder in the United States has sparked a heated debate online after making comments on Gujaratis. In a statement, Sriram Ayer, an entrepreneur and photographer who is based in Texas, took to his X (formerly called Twitter) and said Gujaratis 'bring shame to India' with their behaviour. Further making major claims, the entrepreneur said, 'In the US and Canada, a vast majority of Gujjus are causing havoc and bringing shame to India.' Ayer went on to call out the behaviour of Gujaratis, which reflects poorly on India, but the same cannot be said for South Indians. His X post instantly grabbed eyeballs and went viral, gathering over 4 lakh views in just a matter of hours. 'Gujaratis struggle with English, engage in problematic public behaviours' In a lengthy post, Ayer went on to mention that many Gujaratis do not attempt integration in the United States and Canada. Rather, they struggle to speak English or speak too loudly. They often engage in problematic public behaviour such as cutting lines, jumping queues, and littering everywhere, said Ayer. Sharing an example, Ayer said, 'I've witnessed their outrageous and entitled behaviour firsthand." 'Unacceptable behaviour' In another example, the Texas-based entrepreneur recalled a Gujarati wedding in Canada which included a noisy celebration late into the night, inconveniencing neighbours and 'creating chaos'. These behaviours, according to Ayer, are 'unacceptable' across the world, including in India. He said it should not be tolerated, especially when it happens abroad; it reflects poorly on all Indians. Viral post sparks debate online, netizens react As soon as the post surfaced on social media, it quickly grabbed the eyeballs and attention of netizens. The post went viral with about 4 lakh views on it. Reacting to the post, one X user wrote, "You cannot expect civilized behaviour from uncouth people. There are such people all over the country, but a greater preponderance amongst Gujjus and Punjabis." You cannot expect civilized behaviour from uncouth people. There are such people all over the country, but a greater preponderance amongst Gujjus and Punjabis. While another said, "I think this whole discussion is highly unwarranted. To link anything to a particular community is not at all right. Some people may create a nuisance, but that does not mean we tag a community as such. Comments should be restrictive in nature." I think this whole discussion is highly unwarranted. To link anything to a particular community, is not at all right. Some people may create nuisance but that does not mean we tag a community as such. Comments should be restrictive in nature. "I don't believe that's true Gujjus are generally humble, warm, and grounded people. They're progressive in their thinking, yet deeply connected to their culture and traditions. You'll rarely find a community that balances business acumen, family values, and cultural pride as effortlessly as they do," another added. I don't believe that's true Gujjus are generally humble, warm, and grounded people. They're progressive in their thinking, yet deeply connected to their culture and traditions. You'll rarely find a community that balances business acumen, family values, and cultural pride as… However, one said, "Travelled internationally. Gujjus made the flight resemble a local train. Was so ashamed I had to share the same country name as they do." One asked, "Why are you spreading hate for a community?" Why are you spreading hate for a community? To stay updated on the stories that are going viral, follow Indiatimes Trending.
