Section Text
(1) The coins issued under the authority of section 4 shall be a legal tender in payment or on account, in case of--
(a) a coin of any denomination not lower than one rupee, for any sum not exceeding one thousand rupees;
(b) a half-rupee coin, for any sum not exceeding ten rupees;
(c) 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 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, Number S.R.O. 1120, dated the 11th May, 1956 issued prior to the commencement of the Indian Coinage (Amendment) Act, 1964, shall continue to be a legal tender in payment or on account, in case of,--
(a) a half-rupee or fifty naye paise coin, for any sum not exceeding ten rupees;
(b) any other coin, for any sum not exceeding one rupee.