29 C
Friday, July 12, 2024

Nagaland Assembly repeals Public Debt Act, 1944

- Advertisement -
- Advertisement -

KOHIMA, Feb 29: The Nagaland Assembly on Thursday repealed the Public Debt Act, 1944 and amended the Government Securities Act, 2006.

A government resolution was tabled by chief minister Neiphiu Rio.

- Advertisement -

Moving the resolution, Rio said the Public Debt Act, 1944, which regulates the operation of government securities, is a pre-Constitutional Act and has become redundant with the enactment of the Government Securities Act, 2006.

Since public debt is a state subject, repeal of the Public Debt Act, 1944 can be done only as per the procedure prescribed under Article 252 of the Constitution which requires passage of a resolution for repeal of the Act by the assembly, Rio said.

It also proposed to amend the definition of ‘government security’ as provided in Section 2 of the GS Act, Section 5 of the same Act to incorporate features of special securities issued under the Public Debt Act to save their non-transferability, and sections 31 and 35 of the GS Act to provide for the repeal of the PD Act.

Speaker Sharingain Longkumer put the resolution to vote and it was unanimously adopted by voice vote. (PTI)

- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
Explore These Iconic South Indian Desserts 10 Best Destinations To Visit In July 7 Health Benefits Of Jackfruit Best Honeymoon Destinations in North East India 10 Indian Steamed Recipes To Try In Monsoon