Citation Act No. 18 of 1944 Enacted by Parliament of India | Territorial extent Whole of India Date enacted 22 November 1944 | |
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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 It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it.
Summary
The Act oversees government securities and their management by the Reserve Bank of India. 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.
References
Public Debt Act, 1944 Wikipedia(Text) CC BY-SA