(1) This Act may be called the Government Securities Act, 2006.
     (2) This Act applies to Government securities created and issued whether before or after the commencement of this Act by the Central Government or a State Government.
     (3) It applies in the first instance to whole of the States, except the State of Jammu and Kashmir, and to all the Union territories and it shall also apply to the State of Jammu and Kashmir which adopts this Act by resolution passed in that behalf under clause (1) of article 252 of the Constitution.
     (4) It shall come into force in all the States, except the State of Jammu and Kashmir, and in the Union territories on such date¹ as the Central Government may, by notification in the Official Gazette, appoint and in the State of Jammu and Kashmir which adopts this Act under clause (1) of article 252 of the Constitution, on the date of such adoption; and any reference in this Act to the commencement of this Act shall, in relation to any State or Union territory, means the date on which this Act, comes into force in such State or Union territory.