The Rashtrakutas and their Times c22.139

c22.139

Two inscriptions from North Arcot district, belonging to the reign of Kṛṣṇa III,⁹⁶ inform us that the interest on a Kaḷanju of gold was a Kalam of paddy. In this district, the Marakkal was measured by the Madevi's measure, which was 25% bigger than the Āḍavallāṉ measure. The interest of 20 Kalams would thus be equal to 25 Kalams by the Tanjore measure. The rate of interest allowed on permanent deposits by the banks in this part of the country at this time was about 15%.(97) The interest on 20 Kaḷanjus would thus be 3 Kaḷanjus which would be the price of 25 Kalams by the Āḍavallāṉ measure. A Kaḷanju could thus procure 8⅓ Kalams of paddy in c. 960 A.D. in the Tamil districts annexed to the Rāṣṭrakūṭa empire. This price is about 20% dearer than the price prevailing under Rājarāja, which, as we have seen above, was 10 Kalams per Kaḷanju. It is very likely that the prolonged and bloody wars that were waged in this province between the Cholas and the Rāṣṭrakūṭas by this time, may have made articles dearer; we may, therefore, assume that the normal prices towards the middle of the 10th century A.D. in the districts annexed to the Rāṣṭrakūṭa empire were 10 Kalams a Kaḷanju.(98) A gold Kaḷanju was about a quarter of a tola in weight and thus was equal to about Rs. 5 of today. Since the ratio of paddy to rice is 5: 2, 10 Kalams of paddy would be equal to 4 Kalams of rice. Four Kalams by the Āḍavallāṉ measure would be equal to either 144 or 168 seers according to the table given on p. 376. Rs. 5 could thus procure about 150 seers of rice. Rice was thus sold at about 30 seers a rupee. Before the recent fall in prices ordinary rice was sold at about four to five seers a rupee; so the prices have gone up by about 700%.