The Government Securities Act

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.
List of Chapters & Sections
  1. All sections

  2. 1
     Short title, application and commencement
  3. 2
  4. 3
     Forms of Government securities
  5. 4
     Subsidiary general ledger account
  6. 5
     Transfer of Government securities
  7. 6
     Holding of Government securities by holders of public offices
  8. 7
     Recognition of title to Government security of deceased sole holder or joint holders
  9. 8
     Right of survivors of joint holders or several payees
  10. 9
     Nomination by holders of Government securities
  11. 10
     Government securities belonging to minor or insane person
  12. 11
     Issue of duplicate securities and of new securities on conversion, consolidation, sub-division, renewal, stripping or reconstruction
  13. 12
     Summary determination by Bank of title to Government security in case of dispute
  14. 13
     Law applicable in regard to Government securities
  15. 14
     Postponement of payments and registration of transfers pending the making of vesting order
  16. 15
     Power of Bank to require bonds
  17. 16
     Publication of notices in Official Gazette
  18. 17
     Procedure and scope of vesting order
  19. 18
     Legal effect of orders made by Bank
  20. 19
     Stay of proceedings on order of Court
  21. 20
     Cancellation by Bank of vesting proceedings
  22. 21
     Discharge in respect of interest on Government securities
  23. 22
     Discharge in respect of bearer bonds
  24. 23
     Period of limitation of Governments’ liability in respect of interest
  25. 24
     Inspection of documents
  26. 25
     Micro films, facsimile copies of documents, magnetic tapes and computer print outs as documents of evidence
  27. 26
     Bank and its officers to be public officers
  28. 27
     Misuse of subsidiary general ledger account facility
  29. 28
     Pledge, hypothecation or lien
  30. 29
     Power to call for information, cause inspection and issue directions
  31. 30
     Contravention and penalties
  32. 31
     Certain laws not to apply to Government securities
  33. 31A
     Powers of Bank not to apply to International Financial Services Centre
  34. 32
     Power to make regulations
  35. 33
     Construction of references to laws not in force in Jammu and Kashmir
  36. 34
     Power to remove difficulties
  37. 35
     Repeal and saving