Section 2
Definitions.
About this Act
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.
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.
(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.
Notes
1. Ins. by Act 6 of 1949, s. 4 (w.e.f. 1-4-1949).
2. Subs. by Act 57 of 1956, s. 5, for certain words (w.e.f. 15-10-1956).
3. Subs. by Act 57 of 1956, s. 5, for certain words (w.e.f. 15-10-1956)
2. Subs. by Act 57 of 1956, s. 5, for certain words (w.e.f. 15-10-1956).
3. Subs. by Act 57 of 1956, s. 5, for certain words (w.e.f. 15-10-1956)