Definitions

Q: When did Section 2 of the Public Debt Act come into force?

Section 2 of the Public Debt Act, cited as Public Debt Act 1944 2, came into force on 22 Nov 1944, having been enacted on 22 Nov 1944. It is in force as at the date shown on this page.

In force From 22 Nov 1944 Act 18 of 1944 As on 17 Oct 2026

Act 18 of 1944 Ministry Finance Enacted 22 Nov 1944 In force 22 Nov 1944 Cited by 17 provisions Instruments 4

Section 2 of the Public Debt Act, 1944 deals with definitions. In this Act, unless there is anything repugnant in the subject or context,-- (1) "the Bank" means the Reserve Bank of India; The Act came into force on 22 Nov 1944.

In this Act, unless there is anything repugnant in the subject or context,--
(1) "the Bank" means the Reserve Bank of India;
¹[(1A) "the Government", in relation to any Government security, means the Central or State Government issuing the security;]
(2) "Government security" means--
(a) a security, created and issued, ²[by the Government] for the purpose of raising a public loan, and having one of the following forms, namely :--
(i) stock transferable by registration in the books of the Bank; or
(ii) a promissory note payable to order; or
(iii) a bearer bond payable to bearer; or
(iv) a form prescribed in this behalf;
(b) any other security created and issued by ³[the Government] in such form and for such of the purposes of this Act as may be prescribed;
(3) "prescribed" means prescribed by rules made under this Act;
(4) "promissory note" includes a treasury bill.
Section 2, The Public Debt Act, 1944 (Act 18 of 1944).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

Referred to by 17

and 5 more

Judgments citing this section

These may be obiter dicta or a precedent, for you to study. These are the judgments where this section is quoted.

High Court 07 May 2014 GJHC240215962012

… or index of prices, of underlying securities]] (b) 'Government security' means a security created and issued, whether before or after the commencement of this Act, by the Central Government or a State Government for the purpose of raising a public loan and having one of the forms specified in clause (2) of section 2 of the Public Debt Act, 1944 (13 of 1944); (c) 'member' means a member of a recognised Stock Exchange; (d) 'option in securities' means a contract for the purchase or sale of a right to buy or sell, or a right to buy and sell, securities in future, and includes a teji, a mandi, a teji mandi, a galli, a put, a …

Read this order on eCourtsIndia
High Court 07 May 2014 GJHC240209512012

… or index of prices, of underlying securities]] (b) 'Government security' means a security created and issued, whether before or after the commencement of this Act, by the Central Government or a State Government for the purpose of raising a public loan and having one of the forms specified in clause (2) of section 2 of the Public Debt Act, 1944 (13 of 1944); (c) 'member' means a member of a recognised Stock Exchange; (d) 'option in securities' means a contract for the purchase or sale of a right to buy or sell, or a right to buy and sell, securities in future, and includes a teji, a mandi, a teji mandi, a galli, a put, a …

Read this order on eCourtsIndia
Tribunal 22 Jul 2020 ITAKLIT014862019

… to bearer; or - (iv) a form prescribed in this behalf; - (b) any other security created and issued by the Government in such form and for such of the purposes of this Act as may be prescribed" The Government securities which were sold during the year were stocks being of the nature described in clause (i) to section 2(a) of the Public Debt Act, I 944. The third proviso to section 48 of the Act restricts the indexation in the case of long term capital assets, being bonds or debentures other than Capital Indexed Bonds issued by the Government. The term debenture has been defined in section 2(30) of the Companies Act, 2013 which …

Read this order on eCourtsIndia

Made under this section, and citing it

2 instruments state that it was made under this provision — the power to make it comes from here, so a change to any of them changes what this section requires in practice. Newest first.

Another 2 instruments name this provision in its title or its text without being made under it.

All subordinate legislation

Questions about Section 2

What does Section 2 of the Public Debt Act deal with?

Section 2 of the Public Debt Act is headed "Definitions". In this Act, unless there is anything repugnant in the subject or context,-- (1) "the Bank" means the Reserve Bank of India;

How do I find court cases under Section 2 of the Public Debt Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Public Debt Act 1944 2, section 2 Public Debt Act 1944, section 2 of the Public Debt Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 2 of the Public Debt Act, and has it changed?

17 other provisions in this corpus refer back to it. The rules and notifications made under it are where it actually bites, and there are 2: most recently Public Debt (Annuity Deposit Certificates) Rules 1966 (1966), then Public Debt (Compensation Bonds) Rules, 1954 (1954).

When did Section 2 of the Public Debt Act come into force?

Section 2 of the Public Debt Act, cited as Public Debt Act 1944 2, came into force on 22 Nov 1944, having been enacted on 22 Nov 1944. It is in force as at the date shown on this page.

Other sections of this Act

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. Text as in force on 17 Oct 2026. This page is not a substitute for legal advice.