Coinage Act 1906: 1st coin Act Summary
Coinage Act 1906 get into forced on 2nd march 1906.
Theme of Coinage Act 1906
Coinage Act 1906 is a act to consolidate and amend the law releted to the Coinage and the mint. The coinage act 1906 has been referred to the total area occupied by the british in british-india.
Definitions of Coinage act 1906:
Unless anything is disgusting in the subject or the context of this Act
- “the deface” includes the cutting, filing, stamping or other alteration of the surface or shape of a coin with its grammatical variations and cognate terms which can be readily distinct from reasonable wears;
- The mint comprises the existing mint and any that may subsequently be established; (c)’ required’ means a variation from standard weight and fineness; (d)’ cure’ means the weight prescribed for any coin. “standard weight” means the standard weight.
- Capacity to create and abolish mints. By a notification in the Official Gazette, the Central Government may establish a Mint anywhere where a Mint does not currently exist;
- Coins can, by notification in the Official Gazette, be coined in the Mint for issue under the central government’s authority, 3 of such denominations of not more than 1,000 rupees], of such dimensions and designs and of such metals or mixed metals as may be established by the central government.
- However, if the central government considers that coining, in the manner provided in that subparagraph, of the coins by a party (inclusive the government of a foreign state) beyond the limits of India and may be subject to importation under its authority, it shall not be able to allow anything contained in subparagraph (1), unless it is in the opinion that it is necessary or expedient in the public interest to do so.
Decimal systemof coin by coinage act 1906:
- The rupee is divided into 100, while by notification in the Official Gazette, the central government may designate a new coin representing that unit, under the name it considers appropriate, and the rupee, half-rupee (1), and quarter-rupee shall be equal respectively to one hundred.
- In all denominations of annas, pice and pies under this Act, all coins issued, to the extent specified in Section 13, are legally bidding in payment or on account with the rates of 16 year, 64 pice or 100 90 new coins referred to in Section 1 as compared to any single coin or number of such coins, tendency tends to be bids of one hundred coins.
- Any rules under this Article shall be set before, as soon as they are, every House during the sitting of the House for a total period of 30 days which may consist of one or more meetings or of two or more successive meetings, and if both Houses agree to hold any m before the conclusion of the sitting at the end of the sitting immediately after that sitting or following the aforesaid sessions.