Lawgist54Public Debt
(1) All liabilities on account of Public Debt and Public Account of the existing State of Andhra Pradesh outstanding immediately before the appointed day shall be apportioned on the basis of population ratio of the successor States unless a different mode of apportionment is provided under the provisions of this Act.
(2) The individual items of liabilities to be allocated to the successor States and the amount of contribution required to be made by one successor State to another shall be such as may be ordered by the Central Government on the advice of the Comptroller and Auditor-General of India:
Provided that till such orders are issued, the liabilities on account of Public Debt and Public Account of the existing State of Andhra Pradesh shall continue to be the liabilities of the successor State of Andhra Pradesh.
(3) The liability on account of loan raised from any source and re-lent by the existing State of Andhra Pradesh to such entities as may be specified by the Central Government and whose area of operation is confined to either of the successor States shall devolve on the respective States as specified in sub-section (4).
(4) The public debt of the existing State of Andhra Pradesh attributable to loan taken from any source for the express purpose of re-lending the same to a specific institution and outstanding immediately before the appointed day shall,—
(a) if re-lent to any local body, body corporate or other institution in any local area, be the debt of the State in which the local area is included on the appointed day; or
(b) if re-lent to any other corporation or institution which becomes an inter- State corporation or institution on the appointed day, be divided between the States of Andhra Pradesh and Telangana in he same proportion in which the assets of such body corporate or institution are divided under the provisions of Part VII.
(5) Where a sinking fund or a depreciation fund is maintained by the existing State of Andhra Pradesh for repayment of any loan raised by it, the securities held in respect of investments made from that fund shall be divided between the successor States of Andhra Pradesh and Telangana in the same proportion in which the total public debt is divided between the two States under this section.
(6) In this section, the expression "Government security" means a security created and issued by a State Government for the purpose of raising a public loan and having any of the forms specified in, or prescribed under, clause (2) of section 2 of the Public Debt Act, 1944 (18 of 1944).
Download our fully-offline, High speed android app.- Click here
- 1 Short title
- 2 Definitions
- 3 Formation of Telangana State
- 4 State of Andhra Pradesh and territorial divisions thereof
- 5 Hyderabad to be common capital for States of Telangana and Andhra Pradesh
- 6 Expert Committee for setting up of a capital for Andhra Pradesh
- 7 Governor of existing State of Andhra Pradesh to be common Governor
- 8 Responsibility of Governor to protect residents of common capital of Hyderabad
- 9 Assistance of police forces from Central Government to successor States, etc
- 10 Amendment of First Schedule to Constitution
- 11 Saving powers of State Governments
- 12 Amendment of Fourth Schedule to Constitution
- 13 Allocation of sitting members
- 14 Representation in House of the People
- 15 Delimitation of Parliamentary and Assembly Constituencies
- 16 Provision as to sitting members
- 17 Provisions as to Legislative Assemblies
- 18 Representation of Anglo-Indian community
- 19 Allocation of sitting members
- 20 Duration of Legislative Assemblies
- 21 Speaker, Deputy Speaker and rules of procedure
- 22 Legislative Council for successor States
- 23 Provisions as to Legislative Councils
- 24 Amendment of Delimitation of Council Constituencies Order
- 25 Chairman, Deputy Chairman and rules of procedure
- 26 Delimitation of constituencies
- 27 Power of Election Commission to maintain Delimitation Orders up-to date
- 28 Amendment of Scheduled Castes Order
- 29 Amendment of Scheduled Tribes Order
- 30 High Court of Judicature at Hyderabad to be common High Court till establishment of High Court of Andhra Pradesh
- 31 High Court of Andhra Pradesh
- 32 Judges of Andhra Pradesh High Court
- 33 Jurisdiction of Andhra Pradesh High Court
- 34 Special provision relating to Bar Council and advocates
- 35 Practice and procedure in Andhra Pradesh High Court
- 36 Custody of seal of Andhra Pradesh High Court
- 37 Form of writs and other processes
- 38 Powers of Judges
- 39 Procedure as to appeals to Supreme Court
- 40 Transfer of proceedings from Hyderabad High Court to Andhra Pradesh High Court
- 41 Right to appear or to act in proceedings transferred to Andhra Pradesh High Court
- 42 Interpretation
- 43 Savings
- 44 Authorisation of expenditure of Telangana State
- 45 Reports relating to accounts of Andhra Pradesh State
- 46 Distribution of revenue
- 47 Application of Part
- 48 Land and goods
- 49 Treasury and bank balances
- 50 Arrears of taxes
- 51 Right to recover loans and advances
- 52 Investments and credits in certain funds
- 53 Assets and liabilities of State undertakings
- 54 Public Debt
- 55 Floating Debt
- 56 Refund of taxes collected in excess
- 57 Deposits, etc
- 58 Provident Fund
- 59 Pensions
- 60 Contracts
- 61 Liability in respect of actionable wrong
- 62 Liability as guarantor
- 63 Items in suspense
- 64 Residuary provision
- 65 Apportionment of assets or liabilities by agreement
- 66 Power of Central Government to order allocation or adjustment in certain cases
- 67 Certain expenditure to be charged on Consolidated Fund
- 68 Provisions for various companies and corporations
- 69 Continuance of arrangements in regard to generation and supply of electric power and supply of water
- 70 Provisions as to Andhra Pradesh State Financial Corporation
- 71 Certain provisions for companies
- 72 Temporary provisions as to continuance of certain existing road transport permits
- 73 Special provisions relating to, retrenchment compensation in certain cases
- 74 Special provision as to income-tax
- 75 Continuance of facilities in certain State institutions
- 76 Provisions relating to All-India Services
- 77 Provisions relating to other services
- 78 Other provisions relating to services
- 79 Provisions as to continuance of officers in same post
- 80 Advisory committees
- 81 Power of Central Government to give directions
- 82 Provision for employees of Public Sector Undertakings, etc
- 83 Provisions as to State Public Service Commission
- 84 Apex Council for Godavari and Krishna river water resources and their Management Boards
- 85 Constitution and functions of River Management Board
- 86 Staff of the Management Board
- 87 Jurisdiction of Board
- 88 Power of Board to make regulations
- 89 Allocation of water resources
- 90 Polavaram Irrigation Project to be a national project
- 91 Arrangements on Tungabhadra Board
- 92 Successor States to follow principles, guidelines, etc., issued by Central Government
- 93 Measures for progress and development of successor States
- 94 Fiscal measures including tax incentives
- 95 Equal opportunities for quality higher education to all students
- 96 Amendment of article 168 of the Constitution
- 97 Amendment of article 371D of the Constitution
- 98 Amendment of section 15A of Act 43 of 1951
- 99 Amendment of section 15 of Act 37 of 1956
- 100 Territorial extent of laws
- 101 Power to adapt laws
- 102 Power to construe laws
- 103 Power to name authorities, etc., for exercising statutory functions
- 104 Legal proceedings
- 105 Transfer of pending proceedings
- 106 Right of pleaders to practise in certain cases
- 107 Effect of provisions of the Act inconsistent with other laws
- 108 Power to remove difficulties
