Application of Part extends central Government securities regime to specified States and Union territories upon adoption. Amendments specify that this Part applies initially to the listed States and Union territories and to other States only upon adoption under article 252, with commencement in each State fixed on its date of adoption; they also update the preamble and definitions to treat the erstwhile State of Jammu and Kashmir as a Union territory, and make textual changes to definition, form and transferability provisions, omit two subsections governing public debt administration, and provide for repeal of the Public Debt Act with a saving clause.
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Application of Part extends central Government securities regime to specified States and Union territories upon adoption.
Amendments specify that this Part applies initially to the listed States and Union territories and to other States only upon adoption under article 252, with commencement in each State fixed on its date of adoption; they also update the preamble and definitions to treat the erstwhile State of Jammu and Kashmir as a Union territory, and make textual changes to definition, form and transferability provisions, omit two subsections governing public debt administration, and provide for repeal of the Public Debt Act with a saving clause.
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