Section 3 in The Coinage Act, 2011

Title: Power to establish and abolish Mints

Description: The Government may, by notification,-- (a) establish a Mint at any place which may be managed by it or by any other person, which may be authorised for this purpose: Provided that the Mints established before the commencement of this Act shall be deemed to have been established by the Government under this section: Provided further that where the Government is of the opinion that it is necessary or expedient in the public interest so to do, it may authorise the minting of coins by any organisation or Government of any foreign country, within or beyond the limits of India and acquire such coins either by way of import or otherwise for issue under its authority; (b) abolish any Mint

Title: Denominations, dimensions, designs and composition of coins

Description: Coins may be minted at the Mints or at any other place authorised under the proviso to section 3 of such denominations not higher than one thousand rupees and of such dimensions and designs and containing such metals or mixed metals of such composition or any other material as may be prescribed by the Government.

Title: Standard weight and remedy

Description: The standard weight of the coin of any denomination, minted under the provisions of section 4, and the remedy allowed in making of such coins, shall be such as may be prescribed in this behalf by the Government from time to time.

Title: Coin when a legal tender

Description: (1) The coins issued under the authority of section 4 shall be a legal tender in payment or on account, in case of— (a) a coin of any denomination not lower than one rupee, for any sum not exceeding one thousand rupees; (b) a half-rupee coin, for any sum not exceeding ten rupees; (c) any other coin, for any sum not exceeding one rupee: Provided that the coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case. (2) All new coins in the naya paisa series, designated as such under the notification of the Government of India in the Ministry of Finance, Department of Economic Affairs, Number S.R.O. 1120, dated the 11th May, 1956 issued prior to the commencement of the Indian Coinage (Amendment) Act, 1964 (17 of 1964), shall continue to be a legal tender in payment or on account, in case of,-- (a) a half-rupee or fifty naye paise coin, for any sum not exceeding ten rupees; (b) any other coin, for any sum not exceeding one rupee.

Title: Decimal system of coinage

Description: (1) The rupee shall be divided into one hundred units and any such unit may be designated by the Government, by notification, under such name as it thinks fit. (2) All references in any enactment or in any notification, rule or order under any enactment or in any contract, deed or other instrument to any value expressed in annas, paisa and pies shall be construed as references to that value expressed in units referred to in sub-section (1) converted thereto at the rate of sixteen anna, sixty-four paise or one hundred and ninety-two pies to one hundred units referred to in subsection (1). (3) All references in any enactment or in any notification, rule or order under any enactment or in any contract, deed or other instrument to any value in naya paisa or naye paise shall be construed as references to that value expressed respectively in units referred to in sub-section (1).

CHAPTER 2 ESTABLISHMENT OF MINTS