Which Act among the below is governing specific banking function ?

The correct answer is - The Indian Coinage Act, 1906

Key Points

• The Indian Coinage Act, 1906
  • The Act governs the minting, issue, and circulation of coins in India.
  • It is responsible for ensuring the standardization of coins and their legal tender status.
  • This Act specifically relates to banking functions involving coinage transactions.
  • Ensures compliance with the denomination standards set by the Government of India for coins used in banking and other financial systems.

Additional Information

• The Bankers Books Evidence Act, 1891
  • This Act governs the admissibility of evidence from bankers' books in court proceedings.
  • It does not regulate specific banking functions but rather provides procedural rules for using bank records as evidence.
• The Negotiable Instruments Act, 1881
  • This Act governs the use of negotiable instruments such as cheques, bills of exchange, and promissory notes.
  • It primarily deals with legal aspects of transactions rather than specific banking functions.
• The Banking Companies Act, 1970/1980
  • These Acts were introduced to nationalize banks and regulate their management.
  • While important for banking governance, they do not directly govern specific banking functions like coinage.