Section Text
, and the remedy allowed in the making of such coins shall be such as may be prescribed in this behalf by the Central Government.] SECTION 08: * * *]9[ * * * ] SECTION 09: * * * * * ] SECTION 10: POWER TO DIRECT COINING, AND TO PRESCRIBE DIMENSIONS AND DESIGNS [Repealed by the Indian Coinage (Amendment) Act, 1947 (28 of 1947), S. 4.]10[ * * * ] SECTION 11: DEMONETIZATION OF SOVEREIGN AND HALF SOVEREIGN [Repealed, by the Indian Coinage (Amendment) Act, 1947 (28 of 1947).] SECTION 12: SILVER COIN WHEN A LEGAL TENDER [Repealed, by the Indian Coinage (Amendment) Act, 1947 (28 of 1947).] 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)12[in the case of a Coin of any denomination not lower than a 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, 194012[and before the commencement 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-rupees, 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.] 13[(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. S.R.O. 1120, dated 11th May, 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 paise coin, for any sum not exceeding ten rupees;
(b) in the case of any other coin, for any sum not exceeding one rupee.] SECTION 14: DECIMAL SYSTEM OF COINAGE (1) The rupee shall be divided into one hundred units and the new coin representing such unit may be designated15by 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 hindered, fifty and twenty-five such new coins and shall, subject to the provisions of subsection (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