The Public Debt Act, 1944
Public Debt Actcentral
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.
Act Number
18
Enactment
1944-11-22
Ministry
Ministry Of Finance
Section 1Short title and commencement.Section 1ASecurities to which this Act applies.Section 2Definitions.Section 3Transfer of Government securities.Section 4Transfer or of Government securities not liable for amount thereof.Section 5Holding of Government securities by holders of public offices.Section 6Notice of trust not receivable.Section 7Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank.Section 8Right of survivors of joint holders or several payees.Section 9Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value.Section 9AApplication of sections 9B, 9C, etc.Section 9BNominations by holders of Government securities.Section 9CPayment on death of holder.Section 10Government securities not exceeding five thousand rupees face value belonging to minor or insane person.Section 11Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal.Section 12Summary determination by the Bank of title to Government security in case of dispute.Section 13Law applicable in regard to Government securities.Section 14Recording of evidence.Section 15Postponement of payments and registration of transfers pending the making of a vesting order.Section 16Power of Bank to require bonds.Section 17Publication of notices in Official Gazette.Section 18Scope of vesting order.Section 19Legal effect of orders made by the Bank.Section 20Stay of proceedings on order of Court.Section 21Cancellation by the Bank of vesting proceedings.Section 22Discharge in respect of interest on Government securities.Section 23Discharge in respect of bearer bonds.Section 24Period of limitation of Government’s liability in respect of interest.Section 25Inspection of documents.Section 26The Bank and its officers to be deemed public officers.Section 27Penalty.Section 28Power to make rules.Section 29Certain laws not to apply to Government securities.Section 30Construction of reference to laws not in force before 1st April, 1951 in Part B States.Section 31Construction of references to laws not in force in Jammu and Kashmir.