Government Securities Act, 2006
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]
| The Government Securities Act, 2006 | |
|---|---|
 | |
| Parliament of India | |
| |
| 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 | |
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 It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it.[2] The Act oversees government securities and their management by the Reserve Bank of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]
References
- "Govt. Securities Act comes into force". The Hindu. 4 December 2007. Retrieved 22 February 2015.
- 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.
- 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.
- "Securities Contracts (Regulation) Act, 1956:Section 2". Indian Income Tax Department. Retrieved 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.