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Start Free TrialGovernment Securities Act, 2006 Section 9
Title: Nomination by Holders of Government Securities
State: Central
Year: 2006
.....and the amount for the time being due thereon shall be paid accordingly. (4) A transfer of a Government security made in accordance with sub-section (2) of section 5 shall automatically cancel the nomination previously made: Provided that where a Government security is in the possession of a person either as a pledge or by way of security for any purpose, such possession shall not have the effect of cancelling the nomination, but the right of the nominee shall be subject to the right of the person so possessing it. (5) The Government may, on the recommendation of the Bank, by notification in the Official Gazette, extend the facility of nomination to any Government security as may be specified therein. (6) Nothing contained in sub-section (1) shall affect the right or claim which any person may have against the person whose right and title to a Government security is recognised by the Government or the Bank or to whom the payment of the amount due on the Government security is made by the Government or the Bank under sub-section (1). (7) No notice of any claim of any person, other than the person or persons in whose name a Government security is held or the.....
View Complete Act List Judgments citing this sectionGovernment Securities Act, 2006 Complete Act
Title: Government Securities Act, 2006
State: Central
Year: 2006
.....Law applicable in regard to Government securities Section14 - Postponement of payments and registration of transfers pending the making of vesting order Section15 - Power of Bank to require bonds Section16 - Publication of notices in Official Gazette Section17 - Procedure and scope of vesting order Section18 - Legal effect of orders made by Bank Section19 - Stay of proceedings on order of Court Section20 - Cancellation by Bank of vesting proceedings Section21 - Discharge in respect of interest on Government securities Section22 - Discharge in respect of bearer bonds Section23 - Period of limitation of Government's liability in respect of interest Section24 - Inspection of documents Section25 - Micro films, facsimile copies of documents, magnetic tapes and computer print outs as documents of evidence Section26 - Bank and its officers to be public officers Section27 - Misuse of subsidiary general ledger account facility Section28 - Pledge, hypothecation or lien Section29 - Power to call for information, cause inspection and issue directions Section30 - Contravention and penalties Section31 - Certain laws not to apply to Government securities Section32 - Power to.....
List Judgments citing this sectionGovernment Securities Act, 2006 Section 7
Title: Recognition of Title to Government Security of Deceased Sole Holder or Joint Holders
State: Central
Year: 2006
.....of 1925) shall be the only person who may be recognised by the Bank as having any title to the Government security. (2) Nothing contained in this section shall bar the recognition by the Bank of any person as having a title to a Government security on the basis of a decree, order or direction passed by a competent court declaring the person as having title to the Government security or appointing a receiver to take possession of a security or on the basis of a certificate issued or order passed by any other authority who might have been empowered under any statute to confer on any such person a title to the Government security or on the basis of such other documents as may be prescribed. (3) Notwithstanding anything contained in this section or in any other law for the time being in force, where the outstanding value of Government security held by a deceased sole holder or deceased joint holders, as the case may be, does not exceed an amount of rupees one lakh or such higher amount not exceeding rupees one crore as may be fixed by the Central Government by notification in the Official Gazette from time to time, the Bank may recognise a person as having title to such.....
View Complete Act List Judgments citing this sectionGovernment Securities Act, 2006 Section 6
Title: Holding of Government Securities by Holders of Public Offices
State: Central
Year: 2006
.....without any or further endorsement or transfer deed from each holder of the office to the succeeding holder of the office on and from the date on which the latter takes charge of the office. (3) When the holder of the office transfers to a party not being his successor in office where a Government security so held, the transfer shall be made by the signature of the holder of the office and the name of the office in the manner laid down in section 5. (4) Where the holder of the office is temporarily absent for more than a fortnight from his office for any reason, he may authorise in writing such other person, who would be incharge of this office during the period of such absence, to effect transfer of the Government securities. (5) This section applies as well to an office of which there are two or more joint holders as to an office of which there is a single holder.
View Complete Act List Judgments citing this sectionGovernment Securities Act, 2006 Section 10
Title: Government Securities Belonging to Minor or Insane Person
State: Central
Year: 2006
(1) Where any Government security is held on behalf of a minor, the payment of the same for the time being due on a Government security either by way of outstanding principal or interest thereon may be made to the father or mother of such minor and where neither parent is alive or where the living parents are or only living parent is incapable of action, to a person entitled under the law for the time being in force to have care of the property of the minor. (2) When a Government security belongs to a minor or a person who is insane and incapable of managing his affairs and the outstanding principal value of the Government security does not in the aggregate exceed rupees one lakh or such higher amount not exceeding rupees one crore an the Central Government may, by a notification in the Official Gazette from time to time, fix, the Bank may make such order as it thinks fit for the vesting of such Government security in such person as it considers represents the minor or insane person.
View Complete Act List Judgments citing this sectionGovernment Securities Act, 2006 Section 5
Title: Transfer of Government Securities
State: Central
Year: 2006
(1) No transfer of a Government security shall be valid if it does not purport to convey the full title to the security. (2) The transfer of the Government securities shall be made in such form and in such manner as may be prescribed. (3) Any document relating to a Government security or any endorsement on a promissory note issued by the Government may, on the demand of a person who for any reason is unable to write, shall be executed on his behalf in such manner as may be prescribed. (4) Nothing in this section shall affect any order made by the Bank under this Act, or any order made by a Court upon the Bank.
View Complete Act List Judgments citing this sectionGovernment Securities Act, 2006 Preamble 1
Title: Government Securities Act, 2006
State: Central
Year: 2006
THE GOVERNMENT SECURITIES ACT, 2006 (AS PASSED BY THE HOUSES OF PARLIAMENT) [Act No. 38 OF 2006] [30th August, 2006.] PREAMBLE 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. WHEREAS it is expedient to consolidate and amend the law relating to Government securities and its management by the Reserve Bank of India; AND WHEREAS Parliament has no power to make laws for the States with respect to any of the matters aforesaid except as provided in articles 249 and 250 of the Constitution; AND WHEREAS in pursuance of clause (1) of article 252 of the Constitution, resolutions have been passed by the Houses of the Legislatures of all the States, except the Legislature of the State of Jammu and Kashmir, to the effect that the matters aforesaid should be regulated in those States by Parliament by law; BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:--
View Complete Act List Judgments citing this sectionGovernment Securities Act, 2006 Section 21
Title: Discharge in Respect of Interest on Government Securities
State: Central
Year: 2006
Save as otherwise expressly provided in the terms of a Government security, no person shall be entitled to claim interest on such security in respect of any period which has elapsed after the earliest date on which demand could have been made for the payment of the amount due on such security.
View Complete Act List Judgments citing this sectionGovernment Securities Act, 2006 Section 3
Title: Forms of Government Securities
State: Central
Year: 2006
A Government security may, subject to such terms and conditions as may be specified, be in such forms as may be prescribed or in one of the following forms, namely:-- (i) a Government promissory note payable to or to the order of a certain persons; or (ii) a bearer bond payable to bearer; or (iii) a stock; or (iv) a bond held in a bond ledger account. Explanation.--for the purpose of this section, "stock" means a Government security,-- (i) registered in the books of the Bank for which a stock certificate is issued; or (ii) held at the credit of the holder in the subsidiary general ledger account including the constituents subsidiary general ledger account maintained in the books of the Bank, and transferable by registration in the books of the Bank.
View Complete Act List Judgments citing this sectionGovernment Securities Act, 2006 Section 13
Title: Law Applicable in Regard to Government Securities
State: Central
Year: 2006
Notwithstanding that as a matter of convenience, the Government may have arranged for payments on a Government security to be made elsewhere than in India, the rights of all persons in relation to Government securities shall be determined in connection with all such questions as are dealt with by this Act by the law and in the Courts of India.
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