Act 18 of 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.

  • Ministry of Finance
  • Department of Economic Affairs
  • Enacted 1944-11-22
  • 35 sections
SectionTitle
1 Short title and commencement. Read
1A Securities to which this Act applies. Read
2 Definitions. Read
3 Transfer of Government securities. Read
4 Transfer or of Government securities not liable for amount thereof. Read
5 Holding of Government securities by holders of public offices. Read
6 Notice of trust not receivable. Read
7 Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank. Read
8 Right of survivors of joint holders or several payees. Read
9 Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value. Read
9A Application of sections 9B, 9C, etc. Read
9B Nominations by holders of Government securities. Read
9C Payment on death of holder. Read
10 Government securities not exceeding five thousand rupees face value belonging to minor or insane person. Read
11 Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal. Read
12 Summary determination by the Bank of title to Government security in case of dispute. Read
13 Law applicable in regard to Government securities. Read
14 Recording of evidence. Read
15 Postponement of payments and registration of transfers pending the making of a vesting order. Read
16 Power of Bank to require bonds. Read
17 Publication of notices in Official Gazette. Read
18 Scope of vesting order. Read
19 Legal effect of orders made by the Bank. Read
20 Stay of proceedings on order of Court. Read
21 Cancellation by the Bank of vesting proceedings. Read
22 Discharge in respect of interest on Government securities. Read
23 Discharge in respect of bearer bonds. Read
24 Period of limitation of Government’s liability in respect of interest. Read
25 Inspection of documents. Read
26 The Bank and its officers to be deemed public officers. Read
27 Penalty. Read
28 Power to make rules. Read
29 Certain laws not to apply to Government securities. Read
30 Construction of reference to laws not in force before 1st April, 1951 in Part B States. Read
31 Construction of references to laws not in force in Jammu and Kashmir. Read
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