(1) Where for any reason any of the Government securities described in the Schedule is not in the custody of the Manager in whom it has vested under the provisions of this Act, the Manager may make an application to the Reserve Bank of India for the issue of a duplicate security in lieu thereof.
     (2) When an application under sub-section (1) has been made, then, notwithstanding anything contained in any other law for the time being in force, the Reserve Bank of India shall issue a duplicate security to the Manager as if the original security had been lost.
     (3) Any duplicate security issued under the provisions of this section shall have the same effect as if it had been issued under section 11 of the Public Debt (Central Government) Act, 1944 (18 of 1944).