The Public Debt Act
An Act to consolidate and amend the law relating to Government securities and to the management by the Reserve Bank of India of the public debt of the Government.1944
List of Chapters & Sections
All sections
1Short title and commencement1ASecurities to which this Act applies2Definitions3Transfer of Government securities4Transfer or of Government securities not liable for amount thereof5Holding of Government securities by holders of public offices6Notice of trust not receivable7Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank8Right of survivors of joint holders or several payees9Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value9AApplication of sections 9B, 9C, etc9BNominations by holders of Government securities9CPayment on death of holder10Government securities not exceeding five thousand rupees face value belonging to minor or insane person11Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal12Summary determination by the Bank of title to Government security in case of dispute13Law applicable in regard to Government securities14Recording of evidence15Postponement of payments and registration of transfers pending the making of a vesting order16Power of Bank to require bonds17Publication of notices in Official Gazette18Scope of vesting order19Legal effect of orders made by the Bank20Stay of proceedings on order of Court21Cancellation by the Bank of vesting proceedings22Discharge in respect of interest on Government securities23Discharge in respect of bearer bonds24Period of limitation of Government’s liability in respect of interest25Inspection of documents26The Bank and its officers to be deemed public officers27Penalty28Power to make rules29Certain laws not to apply to Government securities30Construction of reference to laws not in force before 1st April, 1951 in Part B States31Construction of references to laws not in force in Jammu and Kashmir