Paper Currency Act, 1918 [Repealed]
[Repealed by Act 21 of 1920]
Whereas it is expedient, owing to the present war, to provide that silver held on behalf of the Secretary of State for India in Council or the Governor-General in Council may, if so held in the United States of America or in course of transmission therefrom, be deemed to be part of the reserve referred to in Section 19 of the Indian Paper Currency Act, 2 of 1910; It is hereby enacted as follows:
Section 1. Short title and duration
(1) This Act may be called the Indian Paper Currency Act, 1918.
(2) It shall remain in force during the continuance of the present war, and for a period of six months thereafter.
Section 2. Definition
In this Act,
Silver means silver coin or silver bullion.
Section 3. Power to direct that silver held in the United States of America or in transmission therefrom may be deemed to be part of the Paper Currency Reserve
Notwithstanding anything contained in the Indian Paper Currency Act, 2 of 1910, the Governor-General in Council, may, by order in writing, direct
(a) that silver held in the United States of America on behalf of the Secretary of State for India in Council or the Governor-General in Council, shall be deemed to be part of the reserve referred to in Section 19 of the said Act; or
(b) that silver in course of transmission from the United States of America, which is at the commencement of such transmission or at any period thereafter, held on behalf of the Secretary of State for India in Council or the Governor-General in Council for transmission to India shall, during the period it is so held, be deemed to be a part of the reserve referred to in Section 19 of the said Act.
Section 4. Repeal of Ordinance 1 of 1918
The Indian Paper Currency Ordinance, 1918, is hereby repealed.