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PUBLIC DEBT MANAGEMENT AGENCY

Tax in General + Budget + Finance Acts - By: - Mr. M. GOVINDARAJAN - Dated:- 3-3-2015 - Chapter VII of the Finance Bill, 2015 deals with . Clause 118 to clause 142 of the bills gives provisions for the . This Chapter contains V Chapters as detailed below: Part I - Preliminary - Clause 118 to 119; Part II - Establishment of - clause 120 to 123; Part III - Functions and Powers of - Clause 124 to 132; Part IV - Finance, Accounts and Audit - Clause 133 to Clause 138; and Part V - Miscellaneous - Cla .....

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both moveable and immoveable, and to contract, and shall by the said name, sue or be sued; The head office will be notified later. The Agency may open its branches at any other place outside India; The object of the agency is to minimize 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; The Agency shall have the Board- The general superintendence, direction and manage .....

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al Government; and A nominee of the Reserve Bank of India. The duration of office and other conditions of service of the Chairperson and members of the Board shall be such, as may be prescribed; The Central Government may terminate a member before the tenure period by giving a notice of not less than three months in writing or three months salary in lieu of notice; The member may relinquish his office before the tenure period by giving three months notice in writing; The Central Government .....

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ate the functions of the Agency to the Chair person and other members subject to conditions prescribed; No act or proceeding of the Agency shall be invalid merely by reason of- Any vacancy or any defect, in the establishment of the Agency; or Any defect in the appointment of the member of the Agency; or Any irregularity in the procedure of the Agency not affecting the merits of the case. Functions and powers of the Agency The Agency shall issue Government securities, maintain and manage the .....

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ral Government including- Developing ways to calculate the total contingent liability of the Central Government; Advising the Central Government on its contingent liabilities; and Carrying out such other transactions as may be necessary to reduce the contingent liabilities of the Central Government or reduce the cost of such contingent liabilities. The Agency shall undertake cash management for the Central Government, including- Collecting information about the cash assets of the Central Go .....

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a resister of holders of Securities along with the index. The registers and index maintained by depositories shall be deemed to be the corresponding register and index for this purpose; The Central Government shall provide all information that the Agency may reasonably require to discharge its duties. The Central Government may also provide confidential information to the Agency, which shall be maintained confidentially by the Agency. Nomination Every security holders may nominate a person in w .....

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person to become entitled to the securities in the event of the death of the nominee during the minority. Transfer of securities The Agency shall not register a transfer of government securities, unless such transfer is made in such manner, as may be prescribed. This will not affect any order issued by a court upon the Agency. Evidence A certificate issued under the common seal of the agency, specifying the Government securities held by any person, shall be prima facie evidence of the title of t .....

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The Central Government is liable to meet the obligations arising form any financial transactions authorized by it, which is undertaken by the Agency or any funds that are received on behalf of the Central Government by the Agency. Source of funds The Agency shall, in consultation with the Central Government make bye laws to provide for fees payable for the services rendered. The Central Government shall pay such fees to the Agency as may be mentioned in the bye laws. The Central government may m .....

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thorized by the Chapter.. Accounts, Audit and reports The Agency shall maintain accounts and other relevant records and prepare an annual statement of accounts in such form, as may be prescribed. The Accounts of the Agency shall be audited annually by the Comptroller and Auditor General of India. The Board must prepare and submit to the Central Government an annual report within a period of 90 days from the end of a financial year and such other reports as may be prescribed by the Central Govern .....

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