Lawgist1Short title, application and commencement
(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.
Download our fully-offline, High speed android app.- Click here
1. 30th November, 2007, vide notification no. S.O. 2020, dated 1st December, 2007, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
- 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
- 31A Powers of Bank not to apply to International Financial Services Centre
- 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
