The Government Securities Act, 2006 |
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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.
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Citation | Act No. 38 of 2006 |
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Territorial extent | Whole of India |
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Enacted by | Parliament of India |
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Enacted | 30 August 2006 |
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Commenced | 1 December 2007 |
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Public Debt Act, 1944; Government Securities Regulations, 2007 |
Status: In force |
The Government Securities Act, 2006 is a legislation of the Parliament of India, which aims to introduce various improvements in the government securities market and the management of government securities by the Reserve Bank of India (RBI).[1]
History
The Public Debt Act, 1944 was an act of the Parliament of India which provided a legal framework for the issuance and servicing of government securities in India. It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it.[2] The Act oversees government securities and their management by the Reserve Bank of India.[3] The second clause of Section 2 defines government securities as a securities issued by the central or a state government for the purpose of raising a public loan.[4]