SectionsParticulars
Preamble
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 ...
1Short title, application and commencement
1.     This Act may be called the Government Securities Act, 2006.2.     This Act applies to Government securities created and issued whether before or after ...
2Definitions
In this Act, unless the context otherwise requires,- a.     "agent" means a scheduled bank within the meaning of clause (e) of section 2 of the Reserve Bank ...
3Forms of Government securities
A Government security may, subject to such terms and conditions as may be specified, be in such forms as may be prescribed or in one of the following forms, ...
4Subsidiary general ledger account
1.     A subsidiary general ledger account including a constituents' subsidiary general ledger account and a bond ledger account may be opened and maintained ...
5Transfer of Government securities
1.     No transfer of a Government security shall be valid if it does not purport to convey the full title to the security.2.     The transfer of the Governm...
6Holding of Government securities by holders of public offices
1.     In the case of any public office to which the Government may, by notification in the Official Gazette, declare this sub-section to apply, a Government ...
7Recognition of title to Government security of deceased sole holder or joint holders
1.     Subject to the provisions of sub-sections (2) and (3), if on the death of a sole holder or death of all the joint holders of a Government security ther...
8Right of survivors of joint holders or several payees
Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872 and subject to the provisions of sections 7 and 10,- a.     when a Governmen...
9Nomination by holders of Government securities
1.     Notwithstanding anything contained in sections 7 and 8 or any other law for the time being in force, except the provisions of sub-section (2),- a.     ...
10Government securities belonging to minor or insane person
1.     Where any Government security is held on behalf of a minor, the payment of the same for the time being due on a Government security either by way of ou...
11Issue of duplicate securities and of new securities on conversion, consolidation, sub-division, renewal, stripping or reconstitution
1.     If the person entitled to a Government security applies to the Bank alleging that the Government security has been lost, stolen or destroyed, or has be...
12Summary determination by Bank of title to Government security in case of dispute
1.     If the Bank is of opinion that a doubt exists as to the title to a Government security, it may proceed to determine, in accordance with such regulation...
13Law applicable in regard to Government securities
Notwithstanding that as a matter of convenience, the Government may have arranged for payments on a Government security to be made elsewhere than in India, th...
14Postponement of payments and registration of transfers pending the making of vesting order
Where the Bank contemplates making an order under this Act to vest a Government security in any person, the Bank may suspend payment of interest on or the mat...
15Power of Bank to require bonds
1.     Before making any order which it is empowered to make under this Act, the Bank may require the person in whose favour the order is to be made to execut...
16Publication of notices in Official Gazette
Any notice required to be given by the Bank under this Act may be served by post, but every such notice shall also be published by the Bank in the Official G...
17Procedure and scope of vesting order
1.     The Bank shall, while making a vesting order under section 7, section 10, section 11 or section 12, follow such procedure as may be prescribed 2.     A...
18Legal effect of orders made by Bank
No recognition by the Bank of a person as the holder of a Government security, and no order made by the Bank under this Act shall be called in question by any...
19Stay of proceedings on order of Court
Where the Bank contemplates making with reference to any Government security any order which it is empowered to make under this Act, and before the order is ...
20Cancellation by Bank of vesting proceedings
Where the Bank contemplates making an order under this Act vesting a Government security in any person, the Bank may, at any time before the order is made, c...
21Discharge in respect of interest on Government securities
Save as otherwise expressly provided in the terms of a Government security, no person shall be entitled to claim interest on such security in respect of any ...
22Discharge in respect of bearer bonds
The Government shall be discharged from all liability on a bearer bond or on any interest coupon of such a bond on payment to the holder of such bond or coupo...
23Period of limitation of Government's liability in respect of interest
1.     Where no shorter period of limitation is fixed by any law for the time being in force, the liability of the Government in respect of any interest payme...
24Inspection of documents
No person shall be entitled to inspect or to receive information derived from any Government security in the possession or custody of the Government or from a...
25Micro films, facsimile copies of documents, magnetic tapes and computer print outs as documents of evidence
1.     Notwithstanding anything contained in any other law for the time being in force,- a.     a micro film of a document or the reproduction of the image or...
26Bank and its officers to be public officers
For the purposes of section 124 of the Indian Evidence Act, 1872, the provisions of Part IV of the Code of Civil Procedure, 1908 relating to suits by or again...
27Misuse of subsidiary general ledger account facility
Where a subsidiary general ledger account is opened by the Bank in favour of any holder of a Government security in terms of section 4 and,- a.     it comes t...
28Pledge, hypothecation or lien
1.     Subject to such terms and conditions as may be prescribed, the holder of a Government security may create a pledge or hypothecation or lien in respect ...
29Power to call for information, cause inspection and issue directions
1.     The Bank may at any time, for the purposes of this Act, call for such information as it deems necessary in relation to a Government security from any a...
30Contravention and penalties
1.     If any person, for the purpose of obtaining for himself or for any other person any title to a Government security, makes to any authority in any appli...
31Certain laws not to apply to Government securities
1.     The Public Debt Act, 1944 shall cease to apply to the Government securities to which this Act applies and to all matters for which provisions have been...
33Construction of references to laws not in force in Jammu and Kashmir
Any reference in this Act to a law which is not in force in the State of Jammu and Kashmir shall, wherever, necessary, be constructed as including a reference...
34Power to remove difficulties
1.     If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, not inconsistent with the provisions of ...
35Repeal and saving
1.     The Indian Securities Act, 1920 is hereby repealed.2.     Notwithstanding such repeal anything done or any action taken in the exercise of any power co...
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