Section Text
In this Act, unless there is anything repugnant in the subject or context.-
(1) "the Bank" means the Reserve Bank of India;
1[(1A) "the Government" in relation to any Government security means the Central or State Government issuing the security;]
(2) "Government security" means--
(a) a security, created and issued,2[by the Government] for the purpose of raising a public loan, and having one of the following forms, namely :--
(i) stock transferable by registration in the books of the Bank; or (ii) a promissory note payable to bearer; or
(iv) a form prescribed in this behalf;
(b) any other security created and issued by3[the Government] in such form and for such of the purposes of this Act as may be prescribed;
(3) "prescribed" means prescribed by rules made under this Act;
(4) "promissory note" includes a treasury bill.
________________________
1. Inserted by the Public Debt (Central Government) Amendment Act, 1949 (6 of 1949), Section 4 (1-4-1949).
2.Substituted far the words "whether before or after the commencement of this Act, by the Central Government or a State Government" by the Public Debt (Amendment) Act, 1956 (57 of 1956), Section 5 (15-10-1956).
3.Substituted for the words "the Central Government or a State Government" by the Public Debt (Amendment) Act, 1956 (57 of 1956), Section 5 (15-10-1956).