Public Debt Act, 1944

The Public Debt Act, 1944
An Act to consolidate and amend the law relating to Government securities and to the management by the Reserve Bank of India of the public debt of the Government
Citation Act No. 18 of 1944
Territorial extent Whole of India
Enacted by Parliament of India
Date enacted 22 November 1944
Status: Repealed

The Public Debt Act, 1944 was an act of the Parliament of India which provided a legal framework for the issuance and servicing of government securities in India. It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it.[1]

Summary

The Act oversees government securities and their management by the Reserve Bank of India.[2] The second clause of Section 2 defines government securities as a securities issued by the central or a state government for the purpose of raising a public loan.[3]

See also

References

  1. Raj Kapila; Uma Kapila (1 January 2007). Economic Developments In India : Volume - 116 Analysis, Reports, Policy Documents. Academic Foundation. p. 115. ISBN 978-81-7188-669-2. Retrieved 22 February 2015.
  2. Raj Kapila; Uma Kapila (2001). India's Banking and Financial Sector in the New Millennium. Academic Foundation. p. 97. ISBN 978-81-7188-223-6. Retrieved 22 February 2015.
  3. "Securities Contracts (Regulation) Act, 1956:Section 2". Indian Income Tax Department. Retrieved 22 February 2015.
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