Government Securities Act, 2006

The Government Securities Act, 2006

बीमांकक अधिनियम, 2006

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	200638
Act Number:	38
Enactment Date:	2006-08-30
Act Year:	2006
Short Title:	The Government Securities Act, 2006
Hindi Title:	बीमांकक अधिनियम, 2006
Long Title:	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.
Ministry:	Ministry of Finance
Department:	Department of Economic Affairs
Enforcement Date:	30-11-2007
Notification:	30th November, 2007, vide notification no. S.O. 2020, dated 1st December, 2007, see Gazette of India, Extraordinary, Part II, sec. 3(ii).

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The Government Securities Act, 2006

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