Skip to main content

The Government Securities Act, 2006

Central

An Act to consolidate and amend the law relating to Government securities and its management by the Reserve Bank of India and for matters connected therewith or incidental thereto.

Act number
38 of 2006
Ministry
Ministry of Finance
Department
Department of Economic Affairs
Enacted
30 Aug 2006

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

36 sections

  1. Section 1Short title, application and commencement.
  2. Section 2Definitions.
  3. Section 3Forms of Government securities.
  4. Section 4Subsidiary general ledger account.
  5. Section 5Transfer of Government securities.
  6. Section 6Holding of Government securities by holders of public offices.
  7. Section 7Recognition of title to Government security of deceased sole holder or joint holders.
  8. Section 8Right of survivors of joint holders or several payees.
  9. Section 9Nomination by holders of Government securities.
  10. Section 10Government securities belonging to minor or insane person.
  11. Section 11Issue of duplicate securities and of new securities on conversion, consolidation, sub-division, renewal, stripping or reconstruction.
  12. Section 12Summary determination by Bank of title to Government security in case of dispute.
  13. Section 13Law applicable in regard to Government securities.
  14. Section 14Postponement of payments and registration of transfers pending the making of vesting order.
  15. Section 15Power of Bank to require bonds.
  16. Section 16Publication of notices in Official Gazette.
  17. Section 17Procedure and scope of vesting order.
  18. Section 18Legal effect of orders made by Bank.
  19. Section 19Stay of proceedings on order of Court.
  20. Section 20Cancellation by Bank of vesting proceedings.
  21. Section 21Discharge in respect of interest on Government securities.
  22. Section 22Discharge in respect of bearer bonds.
  23. Section 23Period of limitation of Governments’ liability in respect of interest.
  24. Section 24Inspection of documents.
  25. Section 25Micro films, facsimile copies of documents, magnetic tapes and computer print outs as documents of evidence.
  26. Section 26Bank and its officers to be public officers.
  27. Section 27Misuse of subsidiary general ledger account facility.
  28. Section 28Pledge, hypothecation or lien.
  29. Section 29Power to call for information, cause inspection and issue directions.
  30. Section 30Contravention and penalties.
  31. Section 31Certain laws not to apply to Government securities.
  32. Section 31APowers of Bank not to apply to International Financial Services Centre.
  33. Section 32Power to make regulations.
  34. Section 33Construction of references to laws not in force in Jammu and Kashmir.
  35. Section 34Power to remove difficulties.
  36. Section 35Repeal and saving.