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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2015 Chapters List Chapter VII PUBLIC DEBT MANAGEMENT AGENCY This

Clause 140 - Protection of action taken in good faith - FINANCE BILL, 2015

FINANCE BILL, 2015
Chapter VII
PUBLIC DEBT MANAGEMENT AGENCY
  • Contents

Protection of action taken in good faith

140. No suit, prosecution or other legal proceedings shall lie against the Central Government or the Agency or their Members or employees, for anything which is done, or intended to be done, in good faith under this Chapter.

 



 

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.

 
 
 
 

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