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.
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 It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it.[2] The Act oversees government securities and their management by the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]