Section 20 of The Coinage Act, 2011
In the Reserve Bank of India Act, 1934,--
- (i)in section 2, in clause (d), for the words and figures the Indian Coinage Act, 1906 (3 of 1906), the words and figures the Coinage Act, 2011shall be substituted;
- (ii)in section 39, for the words and figures "the Indian Coinage Act, 1906 (3 of 1906)", at both the places where they occur, the words and figures "the Coinage Act, 2011" shall be substituted.
Summary
- This section amends the Reserve Bank of India Act, 1934 (also known as Act 2 of 1934) to keep it updated with the new law.
- In Section 2, clause (d) of the Reserve Bank of India Act, 1934, the old reference to "the Indian Coinage Act, 1906 (3 of 1906)" is deleted and replaced with "the Coinage Act, 2011".
- In Section 39 of the Reserve Bank of India Act, 1934, the old reference to "the Indian Coinage Act, 1906 (3 of 1906)" is replaced with "the Coinage Act, 2011" in both places where it appears.
- This ensures that the Reserve Bank of India's operations and its definition of coinage refer to the modern Coinage Act, 2011 rather than the repealed 1906 Act.
Practical examples
FAQ
1. What is "Act 2 of 1934" that Section 20 refers to?
It refers to the Reserve Bank of India Act, 1934, which is the law that established and governs India's central bank.
2. Which old law is replaced in the Reserve Bank of India Act, 1934 because of Section 20?
The Indian Coinage Act, 1906 (Act number 3 of 1906) is replaced.
3. What are the specific sections in the Reserve Bank of India Act, 1934 that are amended?
The amended sections are Section 2, clause (d), and Section 39.
4. How many times does the replacement of the old Act occur in Section 39 of the Reserve Bank of India Act, 1934?
The replacement occurs in both places where the old Act's name appears in Section 39, which is twice.
Test yourself
Q1.Under Section 20 of The Coinage Act, 2011, which external Act is amended?
Q2.In which clause of Section 2 of the Reserve Bank of India Act, 1934 is the old reference replaced under Section 20 of The Coinage Act, 2011?
Q3.Under Section 20 of The Coinage Act, 2011, what is the name of the old Act that is replaced in the Reserve Bank of India Act, 1934?
Q4.In Section 39 of the Reserve Bank of India Act, 1934, how many times is the old Act's name replaced under Section 20 of The Coinage Act, 2011?
Q5.How does the definition of "coin" in Section 2(a) of The Coinage Act, 2011 interact with the amended Section 2(d) of the Reserve Bank of India Act, 1934 under Section 20?
Q6.Under Section 20 of The Coinage Act, 2011, the Reserve Bank of India Act, 1934 is amended. If a bank wants to exchange a coin under Section 39 of that Act, how does the definition of a coin under Section 2 of The Coinage Act, 2011 affect this exchange?