Government Securities Act 2006

32. Power to make regulations. -

1.   The Bank may, with the previous approval of the Central Government, by notification in the Official Gazette, make regulations to carry out the purposes of this Act.

2.   In particular and without prejudice to the generality of the foregoing power such regulations may provide for all or any of the following matters, namely:-

a.   the form in which and the terms and conditions subject to which the Government securities may be issued under section 3;

b.   the form in which and the fee to be charged for opening and maintenance of subsidiary general ledger account including constituents' subsidiary general ledger account and bond ledger account by the Bank under sub-section (1) of section 4;

c.   the form and manner in which Government securities shall be transferred under sub-section (2) of section 5 and the manner in which any document relating to any Government security or any endorsement on a promissory note may be executed on behalf of a person who is unable to write under sub-section (3) of that section;

d.   the documents to be produced for recognition of title to the Government security of a deceased sole holder or all deceased joint holders under sub-section (2) of section 7 and the manner in which and the conditions subject to which the Bank may recognise title to a Government security under sub-section (3) of that section;

e.   the form and the manner in which a nomination may be made, varied or cancelled and the manner in which any person may be appointed in whom the Government security would be deemed to have vested in the event of death of holder or joint holders of Government security during the minority of a nominee under section 9;

f.   the conditions governing the issue of duplicate Government securities and the fees to be paid therefor under section 11;

g.   the manner in which the Bank may determine title to a Government security under section 12;

h.   the form of bond under sub-section (1) of section 15;

i.   the procedure for making vesting order referred to in sub-section (1) of section 17;

j.   the circumstances and the manner in which and the conditions subject to which inspection of Government securities, books, registers and other documents may be allowed or information therefrom may be given under section 24;

k.   the terms and conditions subject to which pledge or hypothecation or lien be created under sub-section (1) of section 28.

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3.   Every regulation made by the Bank under this Act 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 in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation 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 regulation.

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