Government Securities Act, 2006

The Government Securities Act, 2006
Parliament of India
Long title 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
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

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 It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it.[2] The Act oversees government securities and their management by the RBI.[3] The second clause of Section 2 defines government securities as securities issued by the central or a state government for the purpose of raising a public loan.[4]

See also

• Banking in India
• Public debt
• Banking Regulation Act, 1949

References

1. "Govt. Securities Act comes into force". The Hindu. 4 December 2007. Retrieved 22 February 2015.
2. Raj Kapila; Uma Kapila (2007). Economic Developments in India : Volume - 116 Analysis, Reports, Policy Documents. Academic Foundation. p. 115. ISBN 978-81-7188-669-2.
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.
4. "Securities Contracts (Regulation) Act, 1956:Section 2". Indian Income Tax Department. Archived from the original on 22 February 2015.

Further reading

• "FAQs: The Government Securities Act, 2006 and The Government Securities Regulations, 2007". Reserve Bank of India. Archived from the original on 19 February 2015.