Selling old coins to any foreign country or any foreigner

277 votes

According to The Antiquities and Art Treasures Act, 1972, any antiquity or art treasure which is over 100 years old is protected under the act, and its export is restricted without a license from the competent authority. The term "antiquity" includes any coin, sculpture, manuscript, painting, or any other work of art or craftsmanship.
Therefore, if an old coin is more than 100 years old, it falls under the definition of 'antiquity' and is subject to the provisions of The Antiquities and Art Treasures Act, 1972. The Act makes it illegal to export any antiquity without a license from the competent authority.

As per Section 7 of the Act the competent authority in India for issuing licenses for the sale of antiquities is a licensing officer. Therefore, if you wish to sell an old coin to a foreigner, you will need to obtain a license from the licensing officer.

Additionally, for the export of antiquities to a foreign country Section 3 of the Act states that on and from the commencement of this Act, it shall not be lawful for any person, other than the Central Government or any authority or agency authorized by the Central Government in this behalf, to export any antiquity or art treasure.

Moreover, if the coin is not an antiquity, its export may not require a license, but it is always advisable to check the relevant laws and regulations before exporting any item out of the country.

Thus, it is generally not legal to sell an old coin to a foreign country or a foreigner without obtaining the necessary licenses and permissions from the competent authorities, as per The Antiquities and Art Treasures Act, 1972.

LawRato LawRato

518 votes

As per the Sale of Goods Act, 1930, Section 2 (7)( “goods” means every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale;) Hence Money is to be excluded from under the definition of Goods. Now The Coinage Act, 2011 Section 2 (a) ("coin" means any coin which is made of any metal or any other material stamped by the Government or any other authority empowered by the Government in this behalf and which is a legal tender including commemorative coin and Government of India one rupee note.) Now, the coins you refer not being a legal tender does not fall under the Act of 2011, hence the same is not “Money” thus also not barred by the Sale of Goods Act 1930 as well, hence one can sell those, But in India 'the Antiquities and Art Treasures Act, 1972' deals with Antiques. The provisions related to the said Act relevant to are extracted below: Section 2. (I)(1) (In this Act, unless the context otherwise requires— (a) “antiquity” includes (i) any coin, sculpture, painting epigraph or other work of art or craftsmanship; Section 2. (II) (c) “export” means taking out of India to a place outside India; Section 3. (1) On and from the commencement of this Act, it shall not be lawful for any person, other than the Central Government or any authority or agency authorised by the Central Government in this behalf, to export any antiquity or art treasure. Section 5. As from the date of expiry of a period of six months from the commencement of this Act, no person shall, himself or by any other person on his behalf, carry on the business of selling or offering to sell any antiquity except under and in accordance with the terms and conditions of a licence granted under section 8. Section 7. (1) Any person desiring to carry on, himself or by any other person on his behalf, the business of selling or offering to sell antiquities may make an application for the grant of a licence to the licensing officer having jurisdiction. Section 8. (1) On receipt of an application for the grant of a licence under section 7, the licensing officer may, after holding such inquiry as he deems fit, grant a licence to the applicant having regard to the following factors, namely:-- (a) the experience of the applicant with respect to trade in antiquities; (b) the village, town or city where the applicant intends to carry on business; (c) the number of persons already engaged in the business of selling, or offering for sale of, antiquities in the said village, town or city; and (d) such other factors as may be prescribed: 31 of 1947 (2) Every licence granted under this section shall be on payment of such fees as may be prescribed. Section 17 . Whenever any person transfers the ownership, control or possession of any antiquity specified in any notification issued under sub-section (1) of section 14 such person shall intimate, within such period and in such form as may be prescribed, the fact of such transfer to the registering officer. 25 . (1) If any person, himself or by any other person on his behalf, exports or attempts to export any antiquity or art treasure in contravention of section 3, he shall, without prejudice to any confiscation or penalty to which he may be liable under the provisions of the Customs Act, 1962 as applied by section 4, be punishable with imprisonment for a term which shall not be less than six months but which may extend to three years and with fine. (2) If any person contravenes the provisions of section 5 or section 12 or sub-section (2) or sub-section (3) of section 13 or section 14 or section 17, he shall be punishable with imprisonment for a term which may extend to six months or with fine or with both and the antiquity in respect of which the offence has been committed shall be liable to confiscation.)

Advocate Ujjal Kumar Ray LawRato

924 votes

no it is tottaly illegal to sell any old coin or any other old old historical items to any foreighner or any foreign countries.is is prohibited transaction and also punishable under law.you should restrain

LawRato LawRato

427 votes

Selling old coins, especially those of historical or numismatic value, can be a complex legal matter in India. Here are some key points to consider:

1. Legality of Selling Old Coins: Selling old coins is not inherently illegal in India. However, there are certain legal considerations to keep in mind, particularly when dealing with antique or historically significant coins.
2. Antiquities and Artifacts Act: India has laws and regulations that govern the sale and export of antiquities and artifacts, including old coins. The Antiquities and Artifacts Act of 1972 regulates the trade and export of such items.
3. License Requirements: If you plan to sell old coins that are considered antiquities or cultural artifacts, you may need a license or permission from the relevant authorities. It's crucial to check with the Archaeological Survey of India (ASI) or local authorities for specific requirements.
4. Documentation: Proper documentation, including provenance and ownership history, is essential when selling old coins. It helps establish the legal ownership of the coins and their authenticity.
5. Foreign Sales: Selling old coins to foreign countries or individuals abroad may involve additional legal considerations, such as complying with the export-import laws of both India and the destination country.
6. Expert Advice: It's advisable to seek guidance from numismatic experts or legal professionals experienced in antiquities and artifacts laws before selling old coins, especially those with historical significance.
7. Penalties for Illegal Sales: Engaging in the illegal sale of old coins, especially those protected by law, can result in penalties, including fines and imprisonment.

Advocate Chikirsha Mohanty LawRato