![]() ( a) has been diminished in weight so as to be more than such percentage below standard weight as may be prescribed as the limit of reasonable wear, or Where any silver coin which has been coined and issued under the authority of the Central Government is tendered to any person authorised by the Central Government 25 to act under this section, and such person has reason to believe that the coin Power to certain persons to cut diminished or defaced silver coins. ġ8, the Central Government may, by notification in the Official Gazette, call in, with effect from such date as may be specified in the notification, any coin, of whatever date or denomination, referred to in 20 21 and on and from the date so specified such coin shall cease to be a legal tender 22.]ĭIMINISHED, DEFACED AND COUNTERFEIT 24 COINSġ6. (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 annas, 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).]ġ7ġ5. (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. ![]() (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. ( b) in the case of any other coin, for any sum not exceeding one rupee.]ġ6 [14. ( a) in the case of a half-rupee or fifty naye paise coin, for any sum not exceeding ten rupees 1120, dated 11th May, 1956 which may have been issued under this Act prior to the commencement of the Indian Coinage (Amendment) Act, 1964 (17 of 1964), shall continue to be a legal tender in payment or on account, (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.]ġ5[(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. ( iii) such weight as may be prescribed in the case of a quarter rupee coin. ( ii) 88.2 grains Troy in the case of a half-rupee coin, or ( i) 176.4 grains Troy in the case of a rupee coin, or Provided that the coin has not been defaced and has not lost weight so as to be less than ( c) in the case of a quarter-rupee, for any sum not exceeding one rupee : ( a) in the case of a rupee coin, for any sum (2) All silver coins issued under this Act after the 10th day of March, 1940 14 shall continue as before to be a legal tender in payment or on account, 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. ![]() ( c) in the case of any other coin, for any sum not exceeding one rupee : ( b) in the case of a half-rupee coin, for any sum not exceeding ten rupees (1) The coins issued under the authority of Section 6 shall be a legal tender in payment or on account,ġ3( a), for any sum Demonetization of sovereign and half-sovereign. Power to direct coining, and to prescribe dimensions and designs. ![]()
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