Stamp Act · s 83

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83.
Composition of duty on bank notes allowed
(1) The Chief Revenue Authority may authorise any banker having authority to issue bank notes upon giving such security for payment of the composition hereinafter mentioned and for keeping, producing and rendering accounts as the Chief Revenue Authority may think fit, to issue bank notes on unstamped paper and to compound for the duty payable thereon by payment to the Collector within the first 5 days of each month of one twenty-fourth per cent on the average value of such notes in circulation during the immediately preceding month.
Banker to transmit to Collector monthly account
(2) Every banker issuing bank notes shall on the 1st day of each month transmit to the Collector an account of the average circulation of his notes during the immediately preceding month signed by himself and by his
Accountant.
Monthly average, how ascertained
(3) To ascertain the monthly average, the aggregate value of the notes in circulation on every day of business during the month shall be divided by the number of days of business in such month and the average so ascertained is deemed to be the average in circulation. All bank notes are deemed to be in circulation from the time the same shall have been issued until the same shall have been actually returned.

Stamp 62

Power of Collector to inspect accounts
(4) Every book of every banker in which is entered any account, minute or memorandum of or relating to the bank notes issued by him or in circulation or any account, minute or memorandum the sight or inspection whereof may tend to secure the rendering of true accounts or to test the truth of any such account shall be open for the inspection and examination at all reasonable times of the Collector who shall be at liberty to take copies thereof or extracts therefrom:
Provided that the Collector shall not exercise the powers aforesaid without the authority of the Minister.

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s 83Composition of duty on bank notes allowed

(1)

The Chief Revenue Authority may authorise any banker having authority to issue bank notes upon giving such security for payment of the composition hereinafter mentioned and for keeping, producing and rendering accounts as the Chief Revenue Authority may think fit, to issue bank notes on unstamped paper and to compound for the duty payable thereon by payment to the Collector within the first 5 days of each month of one twenty-fourth per cent on the average value of such notes in circulation during the immediately preceding month.

Banker to transmit to Collector monthly account

(2)

Every banker issuing bank notes shall on the 1st day of each month transmit to the Collector an account of the average circulation of his notes during the immediately preceding month signed by himself and by his

Accountant.

Monthly average, how ascertained

(3)

To ascertain the monthly average, the aggregate value of the notes in circulation on every day of business during the month shall be divided by the number of days of business in such month and the average so ascertained is deemed to be the average in circulation. All bank notes are deemed to be in circulation from the time the same shall have been issued until the same shall have been actually returned.

Stamp 62

Power of Collector to inspect accounts

(4)

Every book of every banker in which is entered any account, minute or memorandum of or relating to the bank notes issued by him or in circulation or any account, minute or memorandum the sight or inspection whereof may tend to secure the rendering of true accounts or to test the truth of any such account shall be open for the inspection and examination at all reasonable times of the Collector who shall be at liberty to take copies thereof or extracts therefrom:

Provided that the Collector shall not exercise the powers aforesaid without the authority of the Minister.