The Indian Paper Currency (Amendment) Act, 1923

Act No. XXXVI (Act No. 36) of 1923 (Repealed)

Passed by the Indian Legislature.

(Received the assent of the Governor General on the 3rd August, 1923.)

An Act further to amend the Indian Paper Currency Act, 1923.

WHEREAS it is expedient further to amend the Indian Paper Currency Act, 1923; It is hereby enacted as follows:

Short title

1. This Act may be called the Indian Paper Currency (Amendment) Act, 1923.

Amendment of section 18, Act X of 1923

2. To clause (a) of sub-section (8) of section 18 of the Indian Paper Currency Act, 1923 (hereinafter referred to as the said Act), after the word “purchased” the following words shall be added, namely:

"or, in the case of bullion obtained by melting down silver coin issued under the authority of the Governor General in Council, at the rate of one rupee for 165 grains troy of fine silver.”

Amendment of section 19, Act X of 1923

3. To sub-section (3) of section 19 of the said Act the following Explanation shall be added, namely:

“Explanation.— For the purposes of this sub-section, the sum expended in the purchase of silver bullion obtained by melting down silver coin issued under the authority of the Governor General in Council shall be deemed to be the value of the bullion calculated at the rate of one rupee for 165 grains troy of fine silver.”

Amendment of section 20, Act X of 1923

4. In section 20 of the said Act, for the word "fifty" the words "one hundred and twenty" shall be substituted.