Public Debt Act, 1944
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The Government Securities Act, 2006 is a legislation of the
Parliament of India The Parliament of India (ISO 15919, ISO: ) is the supreme legislative body of the Government of India, Government of the Republic of India. It is a bicameralism, bicameral legislature composed of the Rajya Sabha (Council of States) and the Lok ...
, which aims to introduce various improvements in the
government securities A country's gross government debt (also called public debt or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occ ...
market and the management of government securities by the
Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...
(RBI).


History

The Public Debt Act, 1944 was an act of the
Parliament of India The Parliament of India (ISO 15919, ISO: ) is the supreme legislative body of the Government of India, Government of the Republic of India. It is a bicameralism, bicameral legislature composed of the Rajya Sabha (Council of States) and the Lok ...
which provided a legal framework for the issuance and servicing of
government securities A country's gross government debt (also called public debt or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occ ...
in India. It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it. The Act oversees government securities and their management by the RBI. 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.


See also

*
Banking in India Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. ...
*
Public debt A country's gross government debt (also called public debt or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occu ...
*
Banking Regulation Act, 1949 The Banking Regulation Act, 1949 is a law in India that regulates all banking companies in India. Passed as the Banking Companies Act 1949, it came into force on 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is ...


References


Further reading

* Acts of the Parliament of India 2006 Banking in India Government finances in India Government debt Financial history of India {{India-law-stub