Login : Advocate | Client
Home Post Your Case My Account Law College Law Library

2. Definitions.-

In this Act, unless there is anything repugnant in the subject or context,- (1) "the Bank" means the Reserve Bank of India;

9[(1A) "the Government", in relation to any Government security, means the Central or State Government issuing the security;]

(2) "Government security" means-

(a) a security, created and issued, 10[by the Government] for the purpose of raising a public loan, and having one of the following forms, namely :-

(i) stock transferable by registration in the books of the Bank; or

(ii) a promissory note payable to order; or (iii) a bearer bond payable to bearer; or

( iv) a form prescribed in this behalf;

(b) any other security created and issued by 1[the Government] in such form and for such of the purposes of this Act as may be prescribed;

(3) "prescribed" means prescribed by rules made under this Act; (4) "promissory note" includes a treasury bill.

1. The Act has been extended to Goa. Daman and Diu with modifications by Reg. 12 of 1962, s. 3 and the Sch., to Dadra and Nagar Haveli by Reg. 6 of 1963, s. 2 and the Sch. I and to Pondicherry by Reg. 7 of 1963, s. 3 and the Sch. I and to the whole of the Union territory of Lakshadweep (w.e.f. 1-10-1967) vide Reg. 8 of 1965, s. 3. and the Sch.

2. The Words "issued by the Central Government" omitted by Act 6 of 1949, s. 2 (w.e.f. 1-4-1949) .

3. Subs. by Act 57 of 1956, s. 2 for "the Union and the Part A States" (w.e.f. 15-10-1956).

4. The brackets and words "(Central Government)" omitted by Act 6 of 1949, s. 3 (w.e.f. 1-4-1949). 5. Sub-section (2) omitted by Act 57 of 1956, s. 3 (w.e.f. 15-10-1956).

6. 1st May, 1946, see Gazette of India, 1946, Pt. I. p. 575. 7. Ins. by Act 57 of 1956, s. 4 (w.e.f. 15-10-1956).

8. The words "other than the Government of Jammu and Kashmir" omitted by Act 44 of 1972, s. 2 (w.e.f. 1-9-1972). 9. Ins. by Act 6 of 1949, s. 4 (w.e.f. 1-4-1949).

10. Subs. by Act 57 of 1956, s. 5, for certain words (w.e.f. 15-10-1956).

Public Debt Act, 1944 Back

Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys