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INDIAN COINAGE ACT, 1906

Ministry of Law and Justice

Act nº 3 of 1906


  • Chapter I
  • Amending Acts
  • Act nº 3 of 1906

Preamble

THE INDIAN COINAGE ACT, 1906

[Act, No. 3 of 1906]

[AS ON 1956]

[2nd March, 1906]

PREAMBLE

An Act to consolidate and amend the law relating to Coinage and the Mint.

WHEREAS it is expedient to consolidate and amend the law relating to Coinage and the Mint;

It is hereby enacted as follows:

Chapter I

Section 1. Short title and extent

(1) This Act may be called the1[***]Coinage Act, 1906; and

2[***]

1. Word "Indian" omitted by the Indian Coinage (Amendment) Act, 1955, w.e.f. 17-09-1955.

2. Words "except the State of Jammu and Kashmir" omitted by the Jammu and Kashmir (extension of Laws) Act (62 of 1956).


Section 2. Definitions

In this Act, unless there is anything repugnant in the subject or context,

(a) "deface", with its grammatical variations and cognate expressions, includes clipping, filing, stamping, or such other alteration of the surface or shape of a coin as is readily distinguishable from the effects of reasonable wear;

(b) "the Mint" includes the Mints now existing and any which may hereafter be established;

(c) "prescribed" includes prescribed by a rule made under this Act;

(d) "remedy" means variation from the standard weight and fineness; and

(e) "standard weight" means the weight prescribed for any coin.

Section 3. Power to establish and abolish Mints

The Central Government may, by notification in the Official Gazette,

(a) establish a Mint at any place at which a Mint does not for the time being exist; and

(b) abolish any Mint, whether now existing or hereafter established.

[The heading "Silver Coinage" was repealed. by Act 28 of 1947,Section2.]

Section 4. [Repealed]

[Silver coins.] Rep. by the Indian Coinage (Amendment) Act, 1947 (28 of 1947),Section2.

Section 5. [Repealed]

[Standard weight and fitness.] Rep., by the Indian Coinage (Amendment) Act, 1947 (28 of 1947), Section. 2.

Section 620. Coinage

1[Coinage

[The heading Coinage and Section 6 were subs. by Section 3, ibid., for the former Section6.]

1. Words "except the State of Jammu and Kashmir" omitted by the Jammu and Kashmir (extension of Laws) Act (62 of 1956).


Section 6. Denominations, dimensions, designs and composition of coins

1[(1)]Coins may be coined at the Mint for issue under the authority of the Central Government,2[of such denominations not higher than one thousand rupees], of such dimensions and designs, and of such metals or of mixed metals of such composition as the Central Government may, by notification in the Official Gazette, determine.]

3[(2) Notwithstanding anything contained in sub-section (1), if the Central Government is of opinion that it is necessary or expedient in the public interest so to do, it may authorise the coining, in like manner as is provided in that sub-section, of coins by any person (including the Government of any foreign country), beyond the limits of India and import such coins for issue under its authority under that sub-section.]

[Subs. by Ordinance 4 of 1942,Section2, for the former ss.7, 8 and 9.]

1. Section 6 renumbered as sub-section (1) by the Indian Coinage (Amendment) Act, 1985, w.e.f. 24-05-1985.

2. Substituted for "of such denominations not higher than one rupee" by the Indian Coinage (Amendment) Act, 1975, 12-08-1975.

3. Inserted by the Indian Coinage (Amendment) Act, 1985, w.e.f. 24-05-1985.


Section 7. Standard weight and remedy

The standard weight of the coins of any denomination coined under the provisions of section 6, and the remedy allowed in the making of such coins shall be such as may be prescribed in this behalf by the Central Government.]

[The heading "Dimensions and Designs of Coins" was rep. by Act 28 of 1947,Section4.]

Section 10. [Repealed]

[Power to direct coining, and to prescribe dimensions and designs.] Rep. by the Indian Coinage (Amendment) Act, 1947 (28 of 1947),Section4.

Section 11. [Repealed]

[Demonetization of sovereign and half-sovereign.] Rep. by the Indian Coinage (Amendment) Act, 1947 (28 of 1947), Section, 4.

Section 12. [Repealed]

[Silver coin when a legal tender.] Rep., by the Indian Coinage (Amendment) Act, 1947 (28 of 1947), Section, 4.

[Subs. by Section 5, ibid., for the former Section13 which had been subs. by Ordinance 4 of 1942,Section4, for ss.13 and 14.]

Section 13. Coin when a legal tender

(1) The coins issued under the authority of section 6 shall be a legal tender in payment or on account,--

(a)1[In the case of a Coin of any denomination not lower than one rupee], for any sum;

(b) in the case of a half-rupee coin, for any sum not exceeding ten rupees;

(c) in the case of any other coin, for any sum not exceeding one rupee:

Provided that the coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case.

(2) All silver coins issued under this Act after the 10th day of March, 19402[and before the commence of the Indian Coinage (Amendment) Act, 1947] shall continue as before to be a legal tender in payment or on account,-

(a) in the case of a rupee coin, for any sum;

(b) in the case of a half-rupee coin, for any sum not exceeding ten rupees;

(c) in the case of a quarter-rupee, for any sum not exceeding one rupee:

Provided that the coin has not been defaced and has not lost weight so as to be less than-

(i) 176.4 grains Troy in the case of a rupee coin, or

(ii) 88.2 grains Troy in the case of a half-rupee coin, or

(iii) such weight as may be prescribed in the case of a quarter-rupee coin.

(3) All nickel, copper and bronze coins which may have been issued under this Act before the 24th day of January 1942 shall continue as before to be a legal tender in payment or on account for any sum not exceeding one rupee.]

3[(4) All new coins in the naya paisa series, designated as such under the notification of the Government of India in the Ministry of Finance, Department of Economic Affairs, No.SectionR.O. 1120, dated 11thMay, 1956, which may have been issued under this Act prior to the commencement of the Indian Coinage (Amendment) Act, 1964, shall continue to be a legal tender in payment or on account -

(a)in the case of a half-rupee of fifty naya paisa coin, for any sum not exceeding ten rupees.

(b)In the case of any other coin, for any sum not exceeding one rupee.]

1. Substituted for "in the case of a rupee coin" by the Indian Coinage (Amendment) Act, 1968, w.e.f. 01-11-1968.

2. Inserted by the Indian Coinage (Amendment) Act, 1968, w.e.f. 01-11-1968.

3. Inserted by the Indian Coinage (Amendment) Act, 1964, w.e.f. 01-06-1964.


Section 14. Decimal system of coinage

1[14. Decimal system of coinage.-

(1) The rupee shall be divided into one hundred units and the new coin representing such unit may be designated by the Central Government, by notification in the Official Gazette, under such name as it thinks fit, and the rupee, half-rupee and quarter-rupee shall be respectively equivalent to one hundred, fifty and twenty-five such new coins and shall, subject to the provisions of sub-section (1) and sub-section (2) of section 13 and to the extent specified therein, be a legal tender in payment or on account accordingly.

(2) All coins issued under the authority of this Act in any denominations of annas, pice and pies shall, to the extent specified in section 13, be a legal tender in payment or on account at the rate of sixteen annas, sixty-four pice or one hundred and ninety-two pies to one hundred new coins referred to in sub-section (1), calculated in respect of any such single coin or number of such coins, tendered at one transaction, to the nearest new coin, or where the new coin above and the new coin below are equally near, to the new coin below.

(3) All references in any enactment or in any notification, rule or order under any enactment or in any contract, deed or other instrument to any value expressed in, pice and pies shall be construed as references to that value expressed in new coins referred to in sub-section (1) converted thereto at the rate specified in sub-section (2).]

2[(4) As from the commencement of the Indian Coinage (Amendment) Act, 1964, all references in any enactment or in any notification, rule or order under any enactment or in any contract, deed or other instrument to any value in naya paisa or naya paisa shall be construed as references to that value expressed respectively in paisa or paise, being the new coins, designated as such from 1stday of June, 1964]

1. Inserted by the Indian Coinage (Amendment) Act, 1955, w.e.f. 17-09-1955.

2. Inserted by the Indian Coinage (Amendment) Act, 1964, w.e.f. 01-06-1964.