Investment eligibility in government securities now includes SEBI approved mutual fund units, expanding permitted fund investments retrospectively. The amendment recognises units of SEBI approved mutual funds set up as dedicated funds for investment in government securities as qualifying investments alongside government securities defined under the Public Debt Act, 1944, and extends the same treatment to instruments of State Governments; the change gives effect to the Department of Economic Affairs investment pattern and is effective retrospectively from 1 April 1999.
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Provisions expressly mentioned in the judgment/order text.
Investment eligibility in government securities now includes SEBI approved mutual fund units, expanding permitted fund investments retrospectively.
The amendment recognises units of SEBI approved mutual funds set up as dedicated funds for investment in government securities as qualifying investments alongside government securities defined under the Public Debt Act, 1944, and extends the same treatment to instruments of State Governments; the change gives effect to the Department of Economic Affairs investment pattern and is effective retrospectively from 1 April 1999.
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