Section 1. 12. 1971] 9th (R)—Vol. III

[31. 12. 1971] 9th (R)—Vol. III 10A COINAGE ACT, 1906 in, with effect from such date as may be specified in the notification, any coin, of whatever date or denomination, referred to in ¹[that section] * * and on and from the date so specified such coin shall cease to be a legal tender ²[save to such extent as may be specified in the notification].] 4* * * * * 5 * * * DIMINISHED, DEFACED AND COUNTERFEIT ⁵* * * COINS PART V.—CURRENCY, COINAGE AND EXCHANGE. 1. The rupee shall be divided into one hundred units and the new coin representing such unit may be designated 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 hundred, 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 such 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).]