14 Decimal system of coinage
1[Decimal system of coinage. (1) The rupee shall be divided into one hundred units and the new coin representing such unit may be designated2 by the Central Government, by notification in the Official Gazette, under such name as it thinks fit, and the rupee, half rupee and quarter rupee shall be respectively equivalent to one hundered, fifty and twenty-five such new coins and shall, subject to the provisions of sub-section (1) and sub-section (2) of section 13-and to the extent specified therein, be a legal tender in payment or on account accordingly.
(2) All coins issued under the authority of this Act in any denominations of annas, pice and pies shall, to the extent specified in section 13-, be a legal tender in payment or on account at the rate of sixteen annas, sixty-four pice or one hundred and ninety-two pies, to one hundred new coins referred to in sub-section (1), calculated in respect of any single coin or number of such coins, tendered at one transaction, to the nearest new coin, or where the new coin above and the new coin below are equally near to the new coin below.
(3) All references in any enactment or in any notification, rule or order under any enactment or in any contract, deed or other instrument to any value expressed in annas, pice and pies shall be construed as references to that value expressed in new coins referred to in sub-section (1) converted thereto at the rate specified in sub-section (2).]
3[(4) As from the commencement of the Indian Coinage (Amendment) Act,1964, all references in any enactment or in any notification, rule or order under any enactment or in any contract, deed or other instrument to any value in naya paisa or naya paise shall be construed as references to that value expressed respectively in paisa or paise, being the new coins, designated as such from 1st day of June,1964.]
1. Inserted by the Indian Coinage (amendment) Act (31 of 1955, S. 2 (1-4-57)
2. New coin was designated as ‘Naya Paise’: see S.R.O.,1120 published in Gaz. of Ind. Extra.,14-5-1956, Pt, II, S. 3, p. 883. For amendment to said notification; see Gaz of Ind.,1-6-1964, Pt., II, S. 3(ii), Ext., p. 425.
3. Inserted by the Indian Coinage (Amendment) Act (17 of 1964), S. 3 (1-6-1964).