(1)The rupee shall be divided into one hundred units and the new coin representing such unit may he designated by the Central Government, by notification in the Official Gazette, under such name as it thinks fit, and the rupee, half rupee and quarter rupee shall be respectively equivalent to one hundred, fifty and twenty-five such new coins and shall, subject to the provisions of sub-section (I) and sub-section (2) of section 13 and to the extent specified therein, be a legal tender in payment or on account accordingly.
