Insertion of new section 35A
186. After section 35 of the Securities Act, the following section shall be inserted, namely:--
Repeal and saving.
“35A. The Government Securities Act, 2006 (38 of 2006) is hereby repealed: Provided that--
(a) all Government securities issued prior to the date of such repeal shall be deemed to have been issued under Chapter VII of the Finance Act, 2015;
(b) anything done or any action taken, before the date of such repeal, in exercise of any power conferred by or under the Government Securities Act, 2006 (38 of 2006) shall be deemed to have been done or taken in exercise of the powers conferred under Chapter VII of the Finance Act, 2015 as if the said Chapter was in force at all material times.”.
Notes on Clauses:
Clause 186 of the Bill seeks to insert a new section 35A which relates to repeal of the 2006 Act on the date notified by the Central Government and saving of certain provisions. The said amendments are consequential in view of insertion of the new Chapter “Public Debt Management Agency”.
