PART XI
AMENDMENTS TO THE GOVERNMENT SECURITIES ACT, 2006
Commencement and amendment of Act 38 of 2006
185. [A] The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different provisions of this Part.
Insertion of new section 34A.
[B] In the Government Securities Act, 2006 (38 of 2006) (herein referred to as the Securities Act), after section 34, the following section shall be inserted, namely:--
Power of the Bank transitioned to Public Debt Management Agency.
“34A. All references to the Bank in this Act shall be construed as references to the Public Debt Management Agency established under sub-section (1) of section 120 of the Finance Act, 2015:
Provided that on and from the date on which the provisions of this section come into force-
(a) all directions issued by the Bank under this Act, shall stand repealed;
(b) all actions taken by any person under any direction issued by the Bank under this Act, shall be deemed and continued to be valid.”.
Notes on Clauses:
Clause 185 of the Bill seeks to amend certain provisions of the Government Securities Act, 2006. It is proposed to amend the said Act so as to insert a new section 34A relating to power of the Bank transitioned to the Public Debt Management Agency.
