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Act18
Enacted 1944

The Public Debt Act, 1944

In force 35 sections Finance

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.

Act 18 of 1944 Enacted 22 Nov 1944 In force 22 Nov 1944 Department Department of Economic Affairs

Administered by. Ministry of Finance, Department of Economic Affairs · Other Acts of 1944

Preamble

THE PUBLIC DEBT ACT, 1944

ACT No 18 OF 19441

[22nd November, 1944.] An Act to consolidate and amend the law relating to Government securities 2*** and to the management by the Reserve Bank of India of the public debt of 3[the Government].

WHEREAS it is expedient to consolidate and amend the law relating to Government securities 2*** and to the management by the Reserve Bank of India of the public debt of 3[the Government].

It is hereby enacted as follows:--

What this Act covers

Summary of the Public Debt Act, 1944

Key Features

• Management of Public Debt: Provides a comprehensive legal framework for the management of public debt raised by the Central and State Governments.

• Issue and Transfer of Government Securities: Regulates the issue, transfer, conversion, discharge, and redemption of Government securities and other public debt instruments.

• Role of the Reserve Bank of India: Authorises the Reserve Bank of India to act as the debt manager and perform functions relating to the administration of Government securities.

• Recognition of Title and Succession: Prescribes procedures for recognising ownership, nominations, succession, and transmission of Government securities.

• Maintenance of Debt Records: Provides for the maintenance of registers and records relating to Government securities and public debt.

• Protection of Good Faith Actions: Protects actions taken in good faith by the Government and authorised authorities in the administration of public debt.

Sections

Type to filter. 35 sections.

  1. 1Short title and commencement
  2. 1ASecurities to which this Act applies
  3. 2Definitions
  4. 3Transfer of Government securities
  5. 4Transfer or of Government securities not liable for amount thereof
  6. 5Holding of Government securities by holders of public offices
  7. 6Notice of trust not receivable
  8. 7Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank
  9. 8Right of survivors of joint holders or several payees
  10. 9Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value
  11. 9AApplication of sections 9B, 9C, etc
  12. 9BNominations by holders of Government securities
  13. 9CPayment on death of holder
  14. 10Government securities not exceeding five thousand rupees face value belonging to minor or insane person
  15. 11Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal
  16. 12Summary determination by the Bank of title to Government security in case of dispute
  17. 13Law applicable in regard to Government securities
  18. 14Recording of evidence
  19. 15Postponement of payments and registration of transfers pending the making of a vesting order
  20. 16Power of Bank to require bonds
  21. 17Publication of notices in Official Gazette
  22. 18Scope of vesting order
  23. 19Legal effect of orders made by the Bank
  24. 20Stay of proceedings on order of Court
  25. 21Cancellation by the Bank of vesting proceedings
  26. 22Discharge in respect of interest on Government securities
  27. 23Discharge in respect of bearer bonds
  28. 24Period of limitation of Government’s liability in respect of interest
  29. 25Inspection of documents
  30. 26The Bank and its officers to be deemed public officers
  31. 27Penalty
  32. 28Power to make rules
  33. 29Certain laws not to apply to Government securities
  34. 30Construction of reference to laws not in force before 1st April, 1951 in Part B States
  35. 31Construction of references to laws not in force in Jammu and Kashmir

Rules made under this Act

4 sets of Rules. India Code publishes Rules as a record and a document rather than as text, so these are indexed here and not reproduced. All Rules.

  • Public Debt (Annuity Deposit Certificates) Rules 19661966
  • Public Debt (Annuity Certificates) Rules 19541954
  • Public Debt (Compensation Bonds) Rules, 19541954
  • Public Debt Rules, 19461946

Related Acts

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 35 sections of this Act has its own page. This page is not a substitute for legal advice.