Report No. 17
10. "Public securities"; "Government securities".-
In order to simplify the various investments which are contemplated by section 20 of the Act and to bring the authorised investments into accord with various kinds of securities which are available for investment, we think, a definition of public securities and also a definition of Government securities may be included. The definition of public securities is naturally of wider scope, as it includes also Government securities and other securities which are not strictly Government securities though they stand, for the purposes of investment, on the same footing as Government securities. In this connection the provisions of the Bombay Public Trusts Act, 1950, section 2(1), may be kept in view. These definitions, being relevant only to section 20, may be placed in that section.
We also recommend that all certificates, etc., issued as a part of the National Savings Scheme should be included expressly in the definition of public securities, since these may not strictly fall within "Government securities".