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Section 28 – Public Debt Act,1944

Public Debt Act,1944

Section 28. Power to make rules

(1) The Central Government may, subject to the condition of previous publication, by notification in the-Official Gazette, make rules1 to carry out the purposes of this Act.

(2) In particular and without prejudice to the generality of the foregoing power such rules may provide for all or any of the following matters, namely :-

(a) the forms in which Government securities may be issued;

(b) the form of the obligation referred to in clause (iv) of sub-clause (a) of clause (2) of section 2-;

(c) the conditions subject to which Government securities may be issued to the 2[Rulers of former Indian States];

(d) the manner in which different forms of Government securities may be transferred;

(e) the holding of Government securities in the form of stock by the holders of offices other than public offices, and the manner in which and the conditions subject to which Government securities so held may be transferred;

(f) the manner in which payment of interest in respect of Government securities is to be made and acknowledged;

(g) the conditions governing the grant of duplicate, renewed, converted, consolidated and sub- divided Government securities;

(h) the fees to be paid in respect of the issue of duplicate Government securities and of the renewal, conversion, consolidation and sub-division of Government securities;

(i) the form in which receipt of a Government security delivered for discharge, renewal, conversion, consolidation or sub-division is to be acknowledged;

(j) the manner of attestation of documents relating to Government securities in the form of stock;

(k) the manner in which any document relating to a Government security or any endorsement on a promissory mote issued by 3[the Government] may, on the demand of a person who from any cause is unable to write, be executed on his behalf.

(l) the form of the bonds referred to in sub-section (1) of section 16 -;

(m) the circumstances and the manner in which and the conditions subject to which inspection of Government securities, books, registers and other documents may be allowed or information there from may be given under section 25-;

(n) the procedure to be followed in making vesting orders;

(o) the authority by whom the certificate referred to in the proviso to section 7-is to be granted and the manner of making the inquiry therein mentioned;

4[(p) the form in which and the persons in whose favour nominations may be made under section 9-B-, the manner in which and the conditions and restrictions subject to which such nominations may be made, the registration, variation or cancellation of such nominations and the fees that may be levied for such registration, variation or cancellation;

(q) the manner in which any person may be appointed for the purposes of sub-section (4) of section 9-B-.]

5[(3) Every rule made under this section shall be laid, as soon as may be after it is made, be fore each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. ]

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1 For the Public Debt (Central Government) Rules,1946, see Gazette of India,1946, Pt. I, p. 575.

For the Publi c Debt (Compensation Bonds) Rules,1954, see S.R.O. 2754, dated 18-8-1954 published in Gazel India,1954, Pt. II, section 3, p. 2060.

For the Public Debt (Annuity Certificates) Rules,1954, see S.R.O. 2480, dated 25-8-1954 published in ibi 2148.

For Public Debt (Annuity Deposit Certificates) Rules,1966, see Gaz. of Ind., 8-10-1966, Pt. II, section 3( 1729.

2. Substituted for the words ‘Rulers of Part B. Sl.lles’ by the Public Debt (Amendment) Act,1956 (57 of 1956). section 12(15-10-1956).

3. Substituted for the words ‘the Central Government’ by the Public Debt (Central) Government Amendment Act,1949 (6 of 1949), section 6(1-4-1949).

4. Inserted by the Public Debt (Amendment) Act,1959 (44 of 1959), section 3 (w.e.f. 1-8-1960).

5. Substituted for for former sub-section (3) by the Public Debt (Amendment) Act,1972 (44 of 1972), section 4 (w.r.e.f. 1-9-1972).

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