Bare Acts

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.

लोक ऋण अधिनियम, 1944

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Act Details

Act Number:

Act Year:

1944

Location:

Enactment Date:

11/22/1944

Enforcement Date:

22-11-1944

Ministry:

Ministry of Finance

Department:

Department of Economic Affairs

Full List of Public Debt Act Sections

Section 1 to Section 31

Section 1

Short title and commencement.

Section 1A

Securities to which this Act applies.

Section 2

Definitions.

Section 3

Transfer of Government securities.

Section 4

Transfer or of Government securities not liable for amount thereof.

Section 5

Holding of Government securities by holders of public offices.

Section 6

Notice of trust not receivable.

Section 7

Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank.

Section 8

Right of survivors of joint holders or several payees.

Section 9

Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value.

Section 9A

Application of sections 9B, 9C, etc.

Section 9B

Nominations by holders of Government securities.

Section 9C

Payment on death of holder.

Section 10

Government securities not exceeding five thousand rupees face value belonging to minor or insane person.

Section 11

Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal.

Section 12

Summary determination by the Bank of title to Government security in case of dispute.

Section 13

Law applicable in regard to Government securities.

Section 14

Recording of evidence.

Section 15

Postponement of payments and registration of transfers pending the making of a vesting order.

Section 16

Power of Bank to require bonds.

Section 17

Publication of notices in Official Gazette.

Section 18

Scope of vesting order.

Section 19

Legal effect of orders made by the Bank.

Section 20

Stay of proceedings on order of Court.

Section 21

Cancellation by the Bank of vesting proceedings.

Section 22

Discharge in respect of interest on Government securities.

Section 23

Discharge in respect of bearer bonds.

Section 24

Period of limitation of Government’s liability in respect of interest.

Section 25

Inspection of documents.

Section 26

The Bank and its officers to be deemed public officers.

Section 27

Penalty.

Section 28

Power to make rules.

Section 29

Certain laws not to apply to Government securities.

Section 30

Construction of reference to laws not in force before 1st April, 1951 in Part B States.

Section 31

Construction of references to laws not in force in Jammu and Kashmir.