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Act No. 5 of 1862

Act No. V (Act No. 5) of 1862 (Repealed)

Passed by the Governor-General of India in Council.

(Received the assent of the Governor-General on the 28th February 1862.)

An Act to provide for the payment at the Banks of Bengal, Madras, and Bombay, respectively, of moneys payable at the General Treasuries of Calcutta, Madras, and Bombay.

Preamble

WHEREAS under the provisions of Act XXIV of 1861 (to enable the Banks of Bengal, Madras, and Bombay to enter into arrangements with the Government for managing the issue, payment, and exchange of Government Currency Notes and certain business hitherto transacted by the Government Treasuries), the Bank of Bengal has entered into an agreement with the Secretary of State for India in Council through the Governor-General of India in Council that so much of the business hitherto generally transacted at the General Treasury of the Government at the Presidency of Fort William, as consists in receiving and paying money on behalf of the Supreme Government and the Government of Bengal, shall be carried on and transacted by the said Bank, subject to the provisions of the said agreement, and to such orders and directions with regard to receipts and payments as may from time to time he given to the said Bank by the Governor-General in Council, or any of the Officers of the Government of India authorized in that behalf.

And whereas the Governor-General in Council has given notice in the Calcutta Gazette that the Treasury of the Secretary of State for India in Council and of Her Majesty's Indian Government at Calcutta shall, from and after the 1st day of March 1862, be established at the Bank of Bengal.

And whereas the Bank of Madras and the Bank of Bombay are in treaty with the Governor in Council of Madras and the Governor in Council of Bombay respectively, for the purpose of entering into similar agreements, and it is probable that such agreements will be shortly executed, and that similar notice to that here in before mentioned will be given by the Governors in Council of Madras and Bombay in regard to the Banks of Madras and Bombay.

And whereas divers promissory notes and negotiable securities and other obligations for the payment of money made by or on behalf of the Secretary of State for India in Council or by the Governor-General of India in Council, the Governor of Madras in Council, and the Governor of Bombay in Council respectively, on behalf of the East India Company and of the Secretary of State for India in Council, are made payable at the General Treasury of Fort William in Bengal, the General Treasury at Madras, and the General Treasury at Bombay respectively.

And whereas divers other securities and other obligations are made payable to the Secretary of State for India in Council or to the said Governor-General in Council, or to the Governors in Council of Madras or of Bombay at the said General Treasuries of Fort William in Bengal, Fort St. George, and Bombay respectively;

It is therefore enacted as follows:

On and after 1st March 1862, all sums payable by or to Government to be payable at the Bank of Bengal instead of at the General Treasury at Calcutta

Section 1. On and after the 1st day of March 1862, and until the expiration of fourteen days after notice shall be given in the Calcutta Gazette by the Governor-General of India in Council that the Treasury of the Government will be no longer held at the Bank of Bengal, all sums payable by or to the Secretary of State for India in Council, or by or to the Governor-General of India in Council or the Government of Bengal on behalf of the Secretary of State, for India in Council, at the General Treasury of Fort William in Bengal, shall be payable by or to the Secretary of State in Council or by or to the Governor-General of India in Council or the Government of Bengal respectively on behalf of the Secretary of State in Council, at the Bank of Bengal instead of at the General Treasury at Calcutta.

Presentment of promissory notes, &c., at the Bank of Bengal

Section 2. Whenever presentment of any promissory note, security, or obligation for payment or for any other purpose at the General Treasury of Fort William in Bengal would, before the said 1st day of March 1862, have been necessary or sufficient, presentment for such purpose at the Bank of Bengal shall he necessary or sufficient, as the case may be, on and after the said 1st day of March 1862, and until the expiration of fourteen days after such notice as in the 1st Section mentioned shall have been given.

Payment at the Banks of Madrasand Bombay of sums payable by or to Government at the General Treasuries at Madras and Bombay

Section 3. If the Governors in Council of Madras and of Bombay respectively shall give notice in the Government Gazettes of their Presidencies respectively, that the Banks of Madras and Bombay respectively have entered into agreements or arrangements with the. Secretary of State for India in Council through the said Governors in Council, for the purposes mentioned in the Preamble of this Act, under the provisions of the said Act XXIV of 1861, and that from and after a date to be specified in such notice, the Treasury of the Secretary of State for India in Council, and of Her Majesty's Indian Government at Madras and Bombay respectively, shall be established at the Banks of Madras and Bombay respectively, all sums payable by or to the Secretary of State for India in Council, or by or to the Governor of Madras in Council or the Governor of Bombay in Council on behalf of the Secretary of State for India in Council, at the General Treasury at Madras, or at the General Treasury at Bombay respectively, shall from and after the date specified in such notice, and until the expiration of fourteen days after notice shall have been given by the said Governors in Council respectively that the Treasury of the Government will be no longer held at those Banks respectively, be payable by or to the Secretary of State in Council, or by or to the Governor of Madras in Council, or by or to the Governor of Bombay in Council, on behalf of the Secretary of State in Council, at the Bank of Madras or the Bank of Bombay respectively, instead of at the General Treasury at Madras or the General Treasury at Bombay.

Presentment of promissory notes, &c., at the Bank of Madras and Bombay

Section 4. In such case, whenever presentment of any promissory note, security, or obligation for payment or for any other purpose, at the General Treasuries at Madras or Bombay respectively, would have been necessary or sufficient, if such notice had not been given and this Act had not been passed, presentment for such purpose, at the Banks of Madras and Bombay respectively, shall be necessary or sufficient, as the case may be, on and after the date specified in such notice by the Governors in Council of Madras and Bombay respectively, and until the expiration of fourteen days after such notice as aforesaid that the said Treasury will be no longer held at those Banks respectively shall have been given.

Proviso as to presentment at the several Banks

Section 5. Nothing in this Act shall render necessary the presentment at the Banks of Bengal, Madras, and Bombay respectively of any security or other obligation which it would not have been necessary, to present at the General Treasuries of Bengal, Madras, and Bombay respectively, if this Act had not been passed.

Explanatory Note

Overview

Act No. 5 of 1862 was enacted by the Governor-General of India in Council to authorize and regulate the payment of government money through the Presidency Banks of Bengal, Madras, and Bombay. This legislation followed the framework established by Act No. 24 of 1861, which permitted these banks to manage currency issuance and certain treasury functions. The Act marked a significant administrative shift by transferring treasury operations from government offices to established banking institutions.

Purpose of the Act

The primary purpose of the Act was to legally validate the transition of financial operations from the General Treasuries of Calcutta (Fort William), Madras, and Bombay to the respective Presidency Banks. It aimed to ensure that all government obligations—whether payments to or by the Government, or the handling of promissory notes and negotiable instruments—could be conducted through the banks instead of the treasuries. The legislation was designed to improve operational efficiency, leverage the banks' infrastructure, and provide a clear legal basis for such transactions.

Key Provisions

Section 1: All sums payable by or to the Government at the Calcutta Treasury were to be made at the Bank of Bengal from 1st March 1862 until notice was given of any reversal.

Section 2: Legal presentment of promissory notes, securities, and obligations at the Bank of Bengal was deemed equivalent to presentment at the Calcutta Treasury.

Section 3: Provision was made for similar arrangements in Madras and Bombay once formal agreements and public notices were issued.

Section 4: Legal validity of presentment at the Banks of Madras and Bombay was also affirmed, mirroring the Bengal arrangement.

Section 5: The Act clarified that it did not require presentment at the banks where such presentment had not previously been necessary.

Significance

The Act signified a major step toward modernizing the colonial financial system. It allowed the Government to outsource treasury functions to established banks, thereby improving security, efficiency, and consistency in financial operations. It also laid the groundwork for the eventual centralization of paper currency and fiscal control under trusted financial institutions, setting a precedent for future reforms in the Indian banking and monetary system.

Conclusion

Act No. 5 of 1862 played a critical role in institutionalizing the shift from direct government treasury operations to bank-managed systems. By legally enabling payments, receipts, and financial obligations to be handled by the Presidency Banks, it reflected the British colonial administration’s move toward a more structured and efficient financial governance model in India.