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The Government Securities Act, 2006
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.
Citation Act No. 38 of 2006 Territorial extent Whole of India Enacted by Parliament of India Enacted 30 August 2006 Commenced 1 December 2007 Public Debt Act, 1944 ; Government Securities Regulations, 2007Status: 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 It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it.[2] The Act oversees government securities and their management by the Reserve Bank of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]
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