C 20-Committee of Twenty

The Committee on Reform of the International Monetary System and Related issues (popularly known as the Committee of Twenty) was appointed by the Board of Governors of the International Monetary Fund ( I. M. F. ) in July, 1972 to make proposals for reform of the world monetary system. The Committee of Twenty was appointed as a sequel to the highly unsettled conditions which prevailed in the foreign exchange markets in the wake of the suspension, in August 1971, by the U. S. A , of the convertibility of U. S. dollar into gold. The widespread resort to floating exchange rates which followed this event marked the end of an era of fixed exchange rates which were a basic feature of the international monetary system evolved at Bretton Woods. In December 1971, major Western countries agreed among themselves upon a new alignment of currencies with a view to the restoration of the system of fixed par values. The resulting exchange instability convinced members of the I. M. F. that there was need for a fundamental reform of the international monetary system so as to make it more responsive to the evolving needs of the international economy. It is this conviction which led to the setting up of the Committee of Twenty.

The Committee of Twenty consisted of Finance Ministers/ Governors of Central Banks representing the twenty constituencies into which the members of the I. M. F. are divided for purposes of appointing / electing an Executive Director. The Committee was assisted in its work by a Group of Deputies consisting of senior Officials dealing with monetary and financial matters. The constituency consisting of India, Bangladesh and Sri Lanka was represented on the Committee of Twenty by the Finance Minister of India, Shri. Y. B. Chavan. In all, the Committee held six meetings. Its final meeting was held in Washington D. C. on June 12-13, 1974. The Deputies held in all twelve meetings, and Dr. Manmohan Singh, Chief Economic Adviser, functioned as India’s Deputy at most of these meetings. Dr. P. S. N. Prasad also attended these meetings as Executive Director of the I. M. F. representing India, Bangladesh and Sri Lanka.

List of Member of the Committee of Twenty

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Names of Participants on behalf of India at the Meetings of the Committee of Twenty and of the Deputies of Committee of Twenty.
1. Shri Y. B. Chavan, Minister of Finance - Member.
2. Shri S. Jagannathan, Governor, Reserve Bank of India.— Associate / Adviser.
3. Dr. I. G. Patel, Secretary, Department of Economic Affairs, Ministry of Finance — Deputy.
4. Shri M. G. Kaul, Secretary, Department of Economic Affairs, Ministry of Finance — Deputy.
5. Dr. Manmohan Singh, Chief Economic Adviser, Department of Economic Affairs, Ministry of Finance -Deputy / Adviser.
6. Dr. P. S. N. Prasad, Executive Director, IMF.
7. Shri V. B. Kadam, Director Division of International Finance, Reserve Bank of India — Deputy / Adviser.
8. Shri G. V. Ramakrishna, Economic Minister, Embassy of India, Washington — Adviser.
9. Shri S. P. Upasani, Private Secretary to Minister of Finance, India — Adviser.