Subject to the provisions of the Act references express or implied in any Hyderabad Law, Regulation, notification, order, bye-law, contract and agreement (oral or written) bond and other instruments which immediately before the commencement of this Act were in force in the State of Telangana shall be construed as if references therein to any amounts in O.S. Currency were references to the equivalent amounts in I.G. Currency according to the standard rate of exchange and all rights and liabilities express or implied in O.S. Currency in force before such commencement shall be construed accordingly:
Provided that nothing in this section shall preclude a person from paying his dues in equivalent O.S. Currency to the extent and for the purposes for which the same continues as legal tender in State of Telangana after the thirty-first day of March 1953.
Illustration.—Referesces to O.S. Rs.7 in any law or other matters mentioned in this section shall be construed as if such references were references to Rs.6 in I.G. Currency according to the standard rate of exchange.