act 001 of 1866 : Currency Amendment Act, 1866 [Repealed]

Currency Amendment Act, 1866 [Repealed]

ACTNO. 1 OF 1866
01 May, 1866
Repealed by Act 3 of 1871
Passed by the Governor-General of India in Council.

(Received the assent of the Governor-General on the 5th January 1866).

An Act to amend Act No. XIX of 1861 (to provide for a Government Paper Currency).

PREAMBLE

Whereas it is expedient to amend Act No. XIX of 1861 (to provide for a Government Paper Currency); It is enacted as Preamble follows:

Section 1. Addition to Section 9 of Act XIX of 1861

The ninth Section of the said Act shall he read as if after the words Addition to Section Provided that the said Head Commissioner, Commissioners, Deputy Commissioners and Agents shall, in all cases, he entitled to require such silver bullion and foreign coin to be melted and assayed at the expense of the person tendering the same, the following words were inserted (that is to say),

Every person so tendering bullion or foreign coin and depositing the same in any such Office or Agency shall he entitled to receive there for a certificate signed by the person or persons authorized to issue the Notes aforesaid, which certificate shall acknowledge the receipt of such bullion or foreign coin, and shall state the value thereof after deducting the expense of melting and assaying the same, and shall also state the interval (which the Governor-General in Council shall from time to time fix by notification in the Gazette of India) on the expiration of which, if such certificate be presented to such Office or Agency, the holder shall be entitled to receive Promissory Notes in exchange for the said bullion or foreign coin at the rate and subject to the deduction aforesaid: and no person so tendering as aforesaid and receiving such certificate shall be entitled to receive such Notes previous to the expiration of the interval so stated in the said certificate. But nothing herein contained shall preclude the person or persons so authorized from issuing, if he or they shall think fit, Notes in exchange for bullion or foreign coin at the rate and subject as aforesaid.

Section 2. Short Title

This Act shall he called The Currency Act Amendment Act, 1866.