Power of Central Government to make rules.
138. (1) The Central Government may, by notification, make rules for carrying out the purposes of this Chapter.
(2) Without prejudice to the generality of the foregoing provision, the Central Government may prescribe--
(a) the terms and other conditions of office of the Chairperson and other Members of the Board under sub-section (4) of section 123;
(b) the terms and conditions of Government securities under sub-section (3) of section 125;
(c) the manner of making payments to and claims by, holders of Government securities under sub-section (2) of section 126;
(d) the manner of maintenance of register of holders under sub-section (1) of section 127;
(e) the manner of making and cancelling nomination under sub-sections (1) and (3) of section 128;
(f) the manner of transfer of Government securities under sub-section (1) of section 129;
(g) the manner of issue of certificate of Government securities under sub-section (2) of section 131;
(h) the sources of funds for the Agency under clause (b) of sub-section (1) of section 135;
(i) the manner of maintenance of accounts and form of annual report of the Agency under subsections (1) and (3) of section 136.
(3) Every rule made under this Chapter shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree to make any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
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.
