The Public Debt Act, 1944
Central Act · Act 18 of 194434 provisions
The enactment
| Long title | 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. |
|---|---|
| Type | Act |
| Citation | Act 18 of 1944 |
| Year | 1944 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 34 |
| Subjects | taxation |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- 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 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.
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