Government Securities Act, 2006

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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.
CitationAct No. 38 of 2006
Territorial extentWhole of India
Enacted byParliament of India
Date enacted30 August 2006
Date commenced1 December 2007
Related legislation
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[edit]

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 It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it.[2] The Act oversees government securities and their management by the Reserve Bank of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]

See also[edit]

References[edit]

  1. ^ "Govt. Securities Act comes into force". The Hindu. 4 December 2007. Retrieved 22 February 2015.
  2. ^ Raj Kapila; Uma Kapila (1 January 2007). Economic Developments In India : Volume - 116 Analysis, Reports, Policy Documents. Academic Foundation. p. 115. ISBN 978-81-7188-669-2. Retrieved 22 February 2015.
  3. ^ Raj Kapila; Uma Kapila (2001). India's Banking and Financial Sector in the New Millennium. Academic Foundation. p. 97. ISBN 978-81-7188-223-6. Retrieved 22 February 2015.
  4. ^ "Securities Contracts (Regulation) Act, 1956:Section 2". Indian Income Tax Department. Retrieved 22 February 2015.

Further reading[edit]