Act 38 of 2006

The Government Securities Act, 2006

An Act to consolidate and amend the law relating to Government securities and its management by the Reserve Bank of India and for matters connected therewith or incidental thereto.

  • Ministry of Finance
  • Department of Economic Affairs
  • Enacted 2006-08-30
  • 36 sections
SectionTitle
1 Short title, application and commencement. Read
2 Definitions. Read
3 Forms of Government securities. Read
4 Subsidiary general ledger account. Read
5 Transfer of Government securities. Read
6 Holding of Government securities by holders of public offices. Read
7 Recognition of title to Government security of deceased sole holder or joint holders. Read
8 Right of survivors of joint holders or several payees. Read
9 Nomination by holders of Government securities. Read
10 Government securities belonging to minor or insane person. Read
11 Issue of duplicate securities and of new securities on conversion, consolidation, sub-division, renewal, stripping or reconstruction. Read
12 Summary determination by Bank of title to Government security in case of dispute. Read
13 Law applicable in regard to Government securities. Read
14 Postponement of payments and registration of transfers pending the making of vesting order. Read
15 Power of Bank to require bonds. Read
16 Publication of notices in Official Gazette. Read
17 Procedure and scope of vesting order. Read
18 Legal effect of orders made by Bank. Read
19 Stay of proceedings on order of Court. Read
20 Cancellation by Bank of vesting proceedings. Read
21 Discharge in respect of interest on Government securities. Read
22 Discharge in respect of bearer bonds. Read
23 Period of limitation of Governments’ liability in respect of interest. Read
24 Inspection of documents. Read
25 Micro films, facsimile copies of documents, magnetic tapes and computer print outs as documents of evidence. Read
26 Bank and its officers to be public officers. Read
27 Misuse of subsidiary general ledger account facility. Read
28 Pledge, hypothecation or lien. Read
29 Power to call for information, cause inspection and issue directions. Read
30 Contravention and penalties. Read
31 Certain laws not to apply to Government securities. Read
31A Powers of Bank not to apply to International Financial Services Centre.Read
32 Power to make regulations. Read
33 Construction of references to laws not in force in Jammu and Kashmir. Read
34 Power to remove difficulties. Read
35 Repeal and saving. Read
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