Definitions.
Definitions.
119. In this Chapter, unless the context otherwise requires,--
(1) “Agency” means the Public Debt Management Agency established under section 120;
(2) “Board” means the Board of the Agency;
(3) “Chief Executive Officer” means the Chief Executive Officer of the Agency;
(4) “executive member” means a member of the Board, not being a nominee member, who is responsible for the day-to-day management and functioning of the Agency;
(5) “Government security” means a security that is created and issued by the Central Government;
(6) “nominee member” means a member of the Board, nominated under sub-section (3) of section 123;
(7) “notification” means the notification published in the Official Gazette and the expression “notify” shall be construed accordingly;
(8) “prescribed” means prescribed by rules made by the Central Government under this Chapter;
(9) “public debt” means the obligation arising from borrowings, whether internal or external, upon the Central Government;
(10) “register of holders” means the register of holders of Government securities maintained by the Agency under section 127;
(11) “Reserve Bank” means the Reserve Bank of India established under section 3 of the Reserve Bank of India Act, 1934. (2 of 1934.)
Notes on Clauses:
Clauses 118 to 142 of the Bill seeks to insert a new Chapter VII in the Finance Bill, 2015 which deals with the Public Debt Management Agency.
The said Chapter proposes--
(a) to empower the Central Government to establish an Agency called Public Debt Management Agency with a view to minimising the cost of raising and servicing public debt over the long-term within an acceptable level of risk at all times under the general superintendence of the Central Government;
(b) to provide that the general superintendence, direction and management of the affairs and business of the Agency shall vest in the Board which shall consist of such number of executive and nominee Members as may be notified by the Central Government;
(c) to specify the functions of the Agency which shall include-
(i) collecting and publishing information about public debt, including borrowing by the Central Government otherwise than under this Chapter;
(ii) purchasing, re-issuing and trading in Government securities; and
(iii) carrying out such other transactions as may be required for management of public debt;
(d) to provide that the Central Government shall entrust the Agency with the issue of Government securities;
(e) to provide that the Agency shall be responsible for making the payment to holders of Government securities in accordance with the terms of such Government securities;
(f) to empower the Central Government to issue directions to the Agency from time to time; and
(g) to exempt the Agency from payment of taxes. Clauses 143 to 150 of the Bill seek to insert a new Chapter VIII relating to Senior Citizens’ Welfare Fund.
