REGISTERED No. D-(D) -72
रजिस्ट्री सं ० डी-(डी) -72
भारत का राजपत्र
The Gazette of India
i
असाधारण
EXTRAORDINARY
भाग II-लण्य 2
PART II-Section 2
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
सं० 35] No. 35 ]
मई विल्ली, शुक्रवार , जुलाई 25 , 1975/ श्रावण 3 , 1897 NEW DELHI , FRIDAY, JULY 25 , 1975/ SRAVANA 3 , 1897
इस भाग में भिन्न पृष्ठ संख्या दी आती है जिससे कि यह अलग संकलम के रूप में रखा जा सके ।
Separate paging is given to this Part in order that it may be filed as a separate compilation
LOK SABHA
The following Bill was introduced in Lok Sabha on the 25th July, 1975:-
BILL NO 55 от 1975
A Bill further to amend the Indian Coinage Act , 1906.
BE it enacted by Parliament in the Twenty - sixth Year of the Republic of India as follows: -
1. This Act may be called the Indian Coinage (Amendment ) Act , 1975 Short title
3 of 1906,
Amend- ment of section 1 2. In section 1 of the Indian Coinage Act, 1906 ( hereinafter referred to as the principal Act ) in sub - section ( 1 ) , the word " Indian" shall be omitted.
ment of section 6 Amend- 3. In Section 6 of the principal Act , for the words " of such denomi- nations not higher than one hundred rupees " , the words " of such deno- minations not higher than one thousand rupees " shall be substituted .
4. In section 21 of the principal Act , --
Amend- ment of section 21 (1 ) in sub - section ( 1 ) , for the words " The Central Government may make rules " , the words " The Central Government may , by notification in the Official Gazette , make rules " shall be substituted ,
(u ) for sub - section ( 3 ) , the following sub- section shall be sub- stituted , namely .-
" (3 ) Every rule made under this section soon as may be afterit is made , before each shall be laid, as House of Parlia-
(483 ) THE GAZETTE OF INDIA EXTRAORDINARY
[PART 11- 484
ment, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions , and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect , as the case may be ; so , however, that any such modifi- cation or annulment shall be without prejudice to the validity of anything previously done under that rule " .
SEC. 2]
THE GAZETTE OF INDIA EXTRAORDINARY
485
STATEMENT OF OBJECTS AND REASONS
Under section 6 of the Indian Coinage Act, 1906 , coins may be minted for issue under the authority of the Central Government for such denominations not higher than one hundred rupees as the Central Government may , by notification in the Official Gazette , determine . Mint- ing of high denomination commemorative coins has recently become a big numismatic attraction . India has been in the market of commemo- rative issues from 1969 . Until now , commemorative coins in the denomination of ten rupees. twenty rupees and fifty rupees have been issued.
2. As proposals received from the World Wild Life Fund, Inter- national Union for Conservation of Nature and Natural Resources , Unis- matics , Italcambio and Food and Agriculture Organisations involve mint- ing of coins of higher denominations than one hundred rupees , it is con- sidered necessary to remove the existing restriction contained in section 6 of the Act so as to enable India's participation in international Com- memorative issues . It is proposed to take power to mint coins of such denominations not higher than one thousand rupees as the Central Gov- ernment may, by notification in the Official Gazette , determine .
3. The Bill mainly seeks to achieve this object .
PRANAB MUKHERJEE NEW DELHI;
The 18th July , 1975 .
[PART 11-
THE GAZETTE OF INDIA EXTRAORDINARY
486
FINANCIAL MEMORANDUM
Under section 6 of the Indian Coinage Act , 1906 , the Central Govern- ment have powers to mint coins of such denominations not higher than one hundred rupees , as that Government may , by notification in the Official Gazette , determine. Under clause 3 of the Bill which seeks to amend section 6 of the Act, the Central Government is being empowered to mint coins of such denominations not higher than one thousand rupees , as that Government may , by notification in the Official Gazette, determine
The expenditure in regard to minting of coins of denominations up to one thousand rupees would depend upon the denominations of the coins , their weight , the composition of the alloys , the number minted and other relevent factors . The present intention is to issue coins of denominations higher than one hundred rupees only on special occasions and it is not envisaged at this stage when and what those occasions would be; hence it is not possible to give any estimate of expenditure regarding the issue of coins on those occasions. However, the sale proceeds of the coins will invariably exceed the cost of minting them.
THE GAZETTE OF INDIA EXTRAORDINARY
SEC. 2 ]
487
MEMORANDUM REGARDING DELEGATED LEGISLATION
Under section 6 of the Act , as proposed to be amended by clause 3 of the Bill , the denominations of coins that may be coined have to be deter- mined by the Central Government by notification in the Official Gazette .
These are matters of administrative detail . The delegation of legis- lative power is , therefore , of a normal character .
.S . L. SHAKDHER , Secretary-General .
PRINTED BY THE GENERAL MANAGER , GOVERNMENT OF INDIA PRESS , MINTO ROAD , NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELHI , 1975