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38/2006 - The Government Securities Act, 2006 ▶

Act Number: 38

Act Name: The Government Securities Act, 2006

Year: 2006

Enactment Date: 2006-08-30

Long Title: 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: Ministry of Finance

Department: Department of Economic Affairs

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