Nomination of Government securities secures vesting of rights in nominee on death and establishes agency authority over public debt. Nomination permits a holder or joint holders to nominate a person who, on the death of the holder or all joint holders, shall become entitled to all rights in the Government securities to the exclusion of others unless the nomination is varied or cancelled in the prescribed manner; where the nominee is a minor the holder may appoint, in the prescribed manner, a person to become entitled if the minor nominee dies during minority. The Bill also establishes a Public Debt Management Agency to manage issuance, trading and payments in respect of Government securities under Central Government superintendence.
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Provisions expressly mentioned in the judgment/order text.
Nomination of Government securities secures vesting of rights in nominee on death and establishes agency authority over public debt.
Nomination permits a holder or joint holders to nominate a person who, on the death of the holder or all joint holders, shall become entitled to all rights in the Government securities to the exclusion of others unless the nomination is varied or cancelled in the prescribed manner; where the nominee is a minor the holder may appoint, in the prescribed manner, a person to become entitled if the minor nominee dies during minority. The Bill also establishes a Public Debt Management Agency to manage issuance, trading and payments in respect of Government securities under Central Government superintendence.
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