Lawgist2Definitions
In this Act, unless the context otherwise requires,--
(a) "agent" means a scheduled bank within the meaning of clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934), or any other person specified as such;
(b) "Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);
(c) "bond ledger account" means an account with the Bank or an agent in which the Government securities are held in a dematerialised form at the credit of the holder;
(d) "constituents' subsidiary general ledger account" means a subsidiary general ledger account opened and maintained with the Bank by an agent on behalf of the constituents of such agent;
(e) "Government", in relation to any Government security, means the Central or State Government issuing the security;
(f) "Government security" means a security created and issued by the Government for the purpose of raising a public loan or for any other purpose as may be notified by the Government in the Official Gazette and having one of the forms mentioned in section 3;
(g) "prescribed" means prescribed by regulations made under this Act;
(h) "promissory note" includes a treasury bill;
(i) "specified" means specified by the Bank in the Official Gazette.
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- 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
