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07/04/2026

The Government Securities Act, 2006

Government security" means a security created and issued by the Government for the purpose of raising a public loan or for any other purpose as may be notified by the Government in the Official Gazette and having one of the forms mentioned in section 3;
advtanmoy 16/10/2019 70 minutes read

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The Government and Security

Home » Law Library Updates » The Government Securities Act, 2006 » Page 3

Section 2 of The Government Securities Act, 2006

2. Definitions

In this Act, unless the context otherwise requires,-

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(a) “agent” means a scheduled bank within the meaning of clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934), or any other person specified as such;

(b) “Bank” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);

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(c) “bond ledger account” means an account with the Bank or an agent in which the Government securities are held in a dematerialised form at the credit of the holder;

(d) “constituents subsidiary general ledger account” means a subsidiary general ledger account opened and maintained with the Bank by an agent on behalf of the constituents of such agent;

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(e) “Government”, in relation to any Government security, means the Central or State Government issuing the security;

(f) “Government security” means a security created and issued by the Government for the purpose of raising a public loan or for any other purpose as may be notified by the Government in the Official Gazette and having one of the forms mentioned in section 3;

(g) “prescribed” means prescribed by regulations made under this Act;

(h) “promissory note” includes a treasury bill;

(i) “specified” means specified by the Bank in the Official Gazette.

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