Coinage Act,1906
Act No : 3
Section : TITLE AND EXTENT
COINAGE ACT, 1906
3 of 1906
2nd March, 1906.
"The object of this Bill is to consolidate the Acts relating to the coinage. The law, as originally formulated in the Indian Coinage Act, 1870 (23 of 1870), has been materially modified by two Acts, namely, the Indian Coinage and Paper Currency Act, 1893(8 of 1893), which abolished obligatory free coinage, and the Indian Coinage and Paper Currency Act, 1899 (22 of 1899), which made gold coins a legal tender. The present Bill proposes to repeal both these Acts as well as the main Act of 1870, to reproduce their provisions, so far as they are still required, in a consolidated form, and to provide for the introduction of a nickel one-anna piece and of a bronze-coinage.......,.." -Gaz. of Ind., 1905, Part V, p. 32. Act 47 of 1975. "Under Section 6of the Indian Coinage Act, 1906, coins may be minted for issue under the authority of the Central Government for such denominations not higher than one hundered rupees as the Central Government may, by notification in the Official Gazette, determine Minting of high denomination commemorative coins has recently become a big numismatic attraction. India has been in the market of commemorative issues from 1969.
Until now, commemorative coins in the denomination of ten rupees, twenty rupees and fifty rupees have been issued. As proposals received from the World Wild Life Fund, International Union for Conservation of Nature and Natural Resources, Unismatics, Italcambio and Food and Agriculture Organisations involve minting of coins of higher denominations than one hundred rupees, it is considered necessary to remove the existing restriction contained in Section 6of the Act so as to enable India's participation in international commemorative issues.
It is proposed to take power to mint coins of such denominations not higher than one thousand rupees as the Central Government may, by notification in the Official Gazette, determine." -Gaz. of Ind., 25 -7-75, Pt. II, S. 2, Ext., p. 485. Act 33 of 1985:-
There have been persistent reports of shortage of coins in the country. Government have taken' various steps to meet the demand of coins. Production in the three Mints located at Bombay, Calcutta and Hyderabad has' been geared up with the purchase of new machinery and equipment, overtime work and introduction of incentive scheme for the workers so as to ensure significant increase in the production of coins.
Although production has increased from 525 million pieces in 1981-82 and 660 million pieces in 1983-84 to 1,063 million pieces in 1984-86 and 1,356 million pieces during 1984-85, complaints of shortage continue. It is, therefore, proposed to import coins from foreign countries. Necessary steps will be taken to ensure security. The existing Act, namely, the Coinage Act. 1906 does not specifically provide for the manufacture and import of coins from outside the Country. Hence it is proposed to amend the Coinage Act, 1906 so as to facilitate the coining and import of coins from outside the country. 2. This Bill seeks to achieve the above object. Gaz.. of Ind" 13 -5-1985, Pt. II, S, 2, Ext., P. 2 (No. 27).
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:-
PRELIMINARY 2
SECTION 01: SHORT TITLE AND EXTENT
(1) This Act may he called the1[* * * *] Coinage Act, 1906; and
2[2 It extends to the whole of India3[* * * *].]
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