https://www.taxtmi.com/caselaws?id=60314 National Defence Gold Bonds, 1980 retained their character as Government securities after maturity because discharge under the Public Debt Act, 1944 occurs only on payment, not on maturity alone. A promissory note payable to order remains negotiable until redeemed, and section 6 of the Public Debt Act negatives any trust in Government securities. On that basis, post-maturity holding of the gold by the Government or Reserve Bank did not create a trust that would defeat exemption, and the wealth-tax exemption under section 5(1)(xvia) remained available. en-us Tue, 15 Sep 1992 00:00:00 +0530 Tue, 04 Jan 2011 16:25:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60314 National Defence Gold Bonds, 1980 retained their character as Government securities after maturity because discharge under the Public Debt Act, 1944 occurs only on payment, not on maturity alone. A promissory note payable to order remains negotiable until redeemed, and section 6 of the Public Debt Act negatives any trust in Government securities. On that basis, post-maturity holding of the gold by the Government or Reserve Bank did not create a trust that would defeat exemption, and the wealth-tax exemption under section 5(1)(xvia) remained available. Case-Laws Wealth-tax Tue, 15 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60314