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Section 2 – Public Debt Act,1944

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).

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Public Debt Act,1944

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