Indian Paper Currency Ordinances
Table of Contents – Indian Paper Currency Ordinances (1915–1918)
Ordnance No. I of 1915
Raised the currency issue limit under Section 22 of the 1910 Act from 140 million to 200 million rupees due to emergency financial needs.
Ordnance No. I of 1916
Temporarily amended Section 22 to raise the note issue limit from 40 to 100 million rupees and include Government securities in the reserve.
Ordnance No. VI of 1916
Increased the reserve limit in the Temporary Amendment Act from 60 million to 180 million rupees in response to ongoing wartime monetary demands.
Ordnance No. VII of 1916
Replaced the earlier limit with a new ceiling of 300 million rupees and repealed Ordinance VI of 1916, further strengthening currency reserve provisions.
Ordnance No. II of 1917
Raised the reserve ceiling again, this time from 300 million to 420 million rupees under the 1917 Temporary Amendment Act.
Ordnance No. I of 1918
Allowed silver held in or transmitted from the United States to count as part of the Paper Currency Reserve under Section 19 of the 1910 Act.
Ordnance No. III of 1918
Increased the reserve limit under the 1917 Amendment Act from 660 million to 800 million rupees to support further monetary expansion.
Ordinance No. I of 1915 (No. 1 of 1915)
[16th January, 1915.]
An Ordinance further to amend the Indian Paper Currency Act; 1910.
[Published in the Gazette of India extraordinary of the 16th January, 1915.]
WHEREAS an emergency has arisen which makes it necessary further to amend the Indian Paper Currency Act, 1910;
Now, therefore, in exercise of the power conferred by section 23 of the Indian Councils Act, 1861, the Governor General is pleased to make and promulgate the following Ordinance :--
Short title
1. This Ordinance may be called the Indian Paper Currency Amendment Ordinance, 1915.
Amendment of section 22, Act II of 1910
2. In section 22 of the Indian Paper Currency Act, 1910, for the words “one hundred and forty millions” the words “two hundred millions” shall be substituted.
HARDINGE OF PENSHURST,
Viceroy and Governor General.
Ordinance No. I of 1916 (No. 1 of 1916)
[11th January, 1916.]
An Ordinance to amend temporarily the Indian Paper Currency Act, 1910.
[Published in the Gazette of India Extraordinary of the 11th January, 1916.]
WHEREAS an emergency has arisen which renders it necessary further to amend, temporarily, the Indian Paper Currency Act, 1910;
Now, therefore, in exercise of the power conferred by section 72 of the Government of India Act, 1915, the Governor General is pleased to make and promulgate the following Ordinance :—
Short title
1. This Ordinance may be called the Indian Paper Currency (Amendment) Ordinance, 1916.
Amendment of section 22 of the Indian Paper Currency Act, 1910
2. Section 22 of the Indian Paper Currency Act 1910 (hereinafter called the said Act), shall be construed as if for the words “forty millions” in the proviso to that section, the words “one hundred millions” were substituted.
Power to include securities created by Government of India in reserve provided for by said Act
3. Notwithstanding anything to the contrary in the said Act, any securities created by the Government of India and issued to the Head Commissioner of Paper Currency shall, for the purposes of the said Act, be deemed to be securities purchased by the Governor General in Council, and the market price, on the day such securities are issued to the Head Commissioner of Paper Currency, of similar securities shall be deemed to be the price at which the securities so created were purchased; and all references to securities so purchased whenever occurring in the said Act shall be deemed also to refer to securities so created, and all references to sums expended in such purchases or to prices paid therefor shall be deemed, in the case of securities so created, to refer to such market price, and the said Act shall be construed accordingly.
HARDINGE OF PENSHURST,
Viceroy and Governor General.
Ordinance No. VI of 1916 (No. 6 of 1916)
[11th November, 1916.]
An Ordinance to amend temporarily the Indian Paper Currency (Temporary Amendment) Act, 1916.
[Published in the Gazette of India Extraordinary of the 13th November, 1916.]
WHEREAS an emergency has arisen which renders it necessary to amend temporarily the Indian Paper Currency (Temporary Amendment) Act, 1916;
Now, therefore, in exercise of the power conferred by section 72 of the Government of India Act, 1915, the Governor General is pleased to make and promulgate the following Ordinance :—
Short title
1. This Ordinance may be called the Indian Paper Currency (Further Amendment) Ordinance, 1916.
Amendment of section 3 of the Indian Paper Currency (Temporary Amendment) Act, 1916
2. Section 3 of the Indian Paper Currency (Temporary Amendment) Act, 1916, shall be construed as if for the words “sixty millions” the words “one hundred and eighty millions” were substituted.
CHELMSFORD,
Viceroy and Governor General.
Ordinance No. VII of 1916 (No. 7 of 1916)
[13th December, 1916.]
An Ordinance to amend temporarily the Indian Paper Currency (Temporary Amendment) Act, 1916.
[Published in the Gazette of India Extraordinary of the 14th December, 1916.]
WHEREAS an emergency has arisen which renders it necessary further to amend temporarily the Indian Paper Currency (Temporary Amendment) Act, 1916;
Now, therefore, in exercise of the power conferred by section 72 of the Government of India Act, 1915, the Governor General is pleased to make and promulgate the following Ordinance :—
Short title
1. This Ordinance may be called the Second Indian Paper Currency (Further Amendment) Ordinance, 1916.
Amendment of section 3, Act IX of 1916
2. Section 3 of the Indian Paper Currency (Temporary Amendment) Act, 1916, shall be construed as if for the words “sixty millions” the words “three hundred millions” were substituted.
Repeal of Ordinance VI of 1916
3. The Indian Paper Currency (Further Amendment) Ordinance, 1916, is hereby repealed.
CHELMSFORD,
Viceroy and Governor General.
Ordinance No. II of 1917 (No. 2 of 1917)
[18th April, 1917.]
An Ordinance to amend temporarily the Indian Paper Currency (Temporary Amendment) Act, 1917.
[Published in the Gazette of India Extraordinary of the 18th April, 1917.]
WHEREAS an emergency has arisen which renders it necessary to amend temporarily the Indian Paper Currency (Temporary Amendment) Act, 1917;
Now, therefore, in exercise of the power conferred by section 72 of the Government of India Act, 1915, the Governor General is pleased to make and promulgate the following Ordinance :—
Short title
1. This Ordinance may be called the Indian Paper Currency (Amendment) Ordinance, 1917.
Amendment of section 3, Act XI of 1917
2. Section 3 of the Indian Paper Currency (Temporary Amendment) Act, 1917, shall be construed as if for the words “three hundred millions” the words “four hundred and twenty millions” were substituted.
CHELMSFORD,
Viceroy and Governor General.
Ordinance No. I of 1918 (No. 1 of 1918)
[15th April, 1918.]
An Ordinance to provide that silver held on behalf of the Secretary of State for India in Council or the Governor General in Council may, if so held in the United States of America or in course of transmission therefrom, be deemed to be part of the reserve referred to in section 19 of the Indian Paper Currency Act, 1910.
[Published in the Gazette of India Extraordinary of the 15th April, 1918.]
WHEREAS an emergency has arisen which renders it necessary to provide that silver held on behalf of the Secretary of State for India in Council or the Governor General in Council may, if so held in the United States of America or in course of transmission therefrom, be deemed to be part of the reserve referred to in section 19 of the Indian Paper Currency Act, 1910;
Now, therefore, in exercise of the power conferred by section 72 of the Government of India Act, 1915, the Governor General is pleased to make and promulgate the following Ordinance :—
Short title
1. This Ordinance may be called the Indian Paper Currency Ordinance, 1918.
Definition
2. In this Ordinance—
“Silver” means silver coin or silver bullion.
Power to direct that silver held in the United States of America or in transmission therefrom may be deemed to be part of the Paper Currency Reserve
3. Notwithstanding anything contained in the Indian Paper Currency Act, 1910, the Governor General in Council may, by order in writing, direct—
(a) that silver held in the United States of America on behalf of the Secretary of State for India in Council or the Governor General in Council, shall be deemed to be part of the reserve referred to in section 19 of the said Act; or
(b) that silver in course of transmission from the United States of America, which is, at the commencement of such transmission or at any period thereafter, held on behalf of the Secretary of State for India in Council or the Governor General in Council for transmission to India shall, during the period it is so held, be deemed to be a part of the reserve referred to in section 19 of the said Act.
CHELMSFORD,
Viceroy and Governor General.
Ordinance No. III of 1918 (No. 3 of 1918)
[7th December, 1918.]
An Ordinance further to amend the Indian Paper Currency (Amendment) Act, 1917.
[Published in the Gazette of India Extraordinary of the 7th December, 1918.]
WHEREAS an emergency has arisen which renders it necessary to amend temporarily the Indian Paper Currency (Amendment) Act, 1917;
Now, therefore, in exercise of the power conferred by section 72 of the Government of India Act, 1915, the Governor General is pleased to make and promulgate the following Ordinance :—
Short title
1. This Ordinance may be called the Indian Paper Currency (Amendment) Ordinance, 1918.
Amendment of section 2, Act XIX of 1917
2. In section 2 of the Indian Paper Currency (Amendment) Act, 1917, for the words “six hundred and sixty millions” the words “eight hundred millions” shall be substituted.
CHELMSFORD,
Viceroy and Governor General.