Public Debt Act,1944
Section 2. Definitions
In this Act, unless there is anything repugnant in the subject or context,-
(1) “The Bank” means the Reserve Bank of India;
1[(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, 2[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 bearer; or
(iii) A form prescribed in this behalf;”
(b) Any other security created and issued by 3[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. Inserted by the Public Debt (Central Government) Amendment Act,1949 (6 of 1949), S. 4 (1-4-1949).
2. Substituted for the words “whether before or after the commencement of this Act, by the Central Government or a State Government” by the Public Debt (Amendment) Act,1956 (57 of 1956), S. 5 (15-10-1956).
3. Substituted for the words “the Central Government or a State Government”, Substituted for the words “whether before or after the commencement of this Act, by the Central Government or a State Government” by the Public Debt (Amendment) Act,1956 (57 of 1956), S. 5 (15-10-1956).