The Public Debt Act `1944

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
  1. All sections

  2. 1
     Short title and commencement
  3. 1A
     Securities to which this Act applies
  4. 2
     Definitions
  5. 3
     Transfer of Government securities
  6. 4
     Transfer or of Government securities not liable for amount thereof
  7. 5
     Holding of Government securities by holders of public offices
  8. 6
     Notice of trust not receivable
  9. 7
     Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank
  10. 8
     Right of survivors of joint holders or several payees
  11. 9
     Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value
  12. 9A
     Application of sections 9B, 9C, etc
  13. 9B
     Nominations by holders of Government securities
  14. 9C
     Payment on death of holder
  15. 10
     Government securities not exceeding five thousand rupees face value belonging to minor or insane person
  16. 11
     Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal
  17. 12
     Summary determination by the Bank of title to Government security in case of dispute
  18. 13
     Law applicable in regard to Government securities
  19. 14
     Recording of evidence
  20. 15
     Postponement of payments and registration of transfers pending the making of a vesting order
  21. 16
     Power of Bank to require bonds
  22. 17
     Publication of notices in Official Gazette
  23. 18
     Scope of vesting order
  24. 19
     Legal effect of orders made by the Bank
  25. 20
     Stay of proceedings on order of Court
  26. 21
     Cancellation by the Bank of vesting proceedings
  27. 22
     Discharge in respect of interest on Government securities
  28. 23
     Discharge in respect of bearer bonds
  29. 24
     Period of limitation of Government’s liability in respect of interest
  30. 25
     Inspection of documents
  31. 26
     The Bank and its officers to be deemed public officers
  32. 27
     Penalty
  33. 28
     Power to make rules
  34. 29
     Certain laws not to apply to Government securities
  35. 30
     Construction of reference to laws not in force before 1st April, 1951 in Part B States
  36. 31
     Construction of references to laws not in force in Jammu and Kashmir